That according to Wedbush Securities analyst Dan Ives, who raised his "bull-case" price-target scenario to $1,250 and also lifted his one-year price target to $950 from $751 to reflect growing global demand for electric vehicles, particularly in China.
In a research note, Ives forecast that EVs, which make up around 3% of global auto sales today, could reach 5% by the end of this year and 10% by 2025. By 2022, around 40% or more of Tesla’s sales could come from China, followed by Europe then the U.S.
"While there are 150+ automakers aggressively going after the EV opportunity globally, right now in the EV market we believe it's Tesla's world and everyone else is paying rent," he said.
The analyst also noted that a Biden presidency and a "Blue Senate" is very bullish for the likes of Tesla and other electric vehicle makers, and a potential game changer for Tesla and the overall EV sector in the U.S.