Looking to Get Into Tesla? Here's Why You May Have Missed Your Opportunity

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2019 was the year of $420 for Tesla  (TSLA) - Get Report.

So is 2020 going to see Tesla over $500?

Analysts at Canaccord seem to think so.

They boosted Tesla's price target to $515 from $375 Thursday, Jan. 2.

Analyst Jed Dorsheimer said Tesla's business in China, where customers will start receiving Model 3 sedans on January 7, and its developing footprint in Europe will offset slowing U.S. sales this year, while Model Y production will increase Tesla's overall capacity thanks to platforms shared with benchmark Model 3. Dorsheimer expects fourth-quarter deliveries to bring its 2019 total past 360,000 units.

"While bears have feared demand issues as a function of tax credit expiration for Tesla, we suspect a solid Q4 combined with the robust Q3 should put these fears to rest and put to rest this issue as the credit expires," Dorsheimer said. "As Model 3s roll off Tesla’s Chinese manufacturing facility with local subsidies intact, we believe the US-based focus will need to shift globally for the company. With deliveries beginning in China at the end of December, this market will be an important driver for the company in 2020."

"I had a chance to read the note and I thought there were a lot of good points to it. They're talking about the electrification trend really accelerating into 2020 and one of the points they made that would be the biggest point for the bulls who completely won. And in 2019 it would be that the balance sheet issues is really more of a 2019 story than in the new year. So that would be huge because I think the balance sheet is why a lot of investors have really scared away from owning this stock. But if I'm looking to get into Tesla, I think you have to admit that you missed the move," said Jeff Marks, senior portfolio analyst with Action Alerts PLUS. 

Watch the full video for more.