It boosted the price target to $410 from $160.
However, analysts kept the stock at a sell rating.
In a note to clients, UBS analyst Patrick Hummel said that while Tesla has the potential to become a profitable original equipment manufacturer or OEM, he still thinks the shares are over-shooting after more than doubling in the past three months.
Having the biggest long-term opportunity in autonomous vehicles, Tesla justifies a market value “well above” most incumbent OEMs, Hummel said, though risks in execution and U.S. demand following the phaseout of tax credits seem to be getting ignored.
Until a few months ago, Cramer was a skeptic himself. How can Tesla prove itself to the rest of Wall Street?
For Cramer, the answer is simple.
Batteries, he said.
Watch the full video above for more on Tesla.
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