Regardless of what Tesla's earnings and sales look like in the fourth quarter or even in 2021, the company still has a lot of track in front of it -- mostly because it's not a car company, but a technology company.
"I don't view Tesla as an auto company - I never have. I view it as a disruptive technology company," Wedbush Securities' chief equity strategist Dan Ives told TheStreet.com. "I think that's why it's such an emotional bull-bear thesis."
Ives, who recently noted that "It's a Tesla world, and everyone else is paying rent," expects that Tesla will continue to dominate the EV world, even as other carmakers nip at its heels. "It's a big enough ocean for more than one boat," he said.
"The difference now is the profitability structure - but you look at core profitability under the hood, that's what's really been the game changer - it's what's gotten them into the S&P 500," Ives said.
And even with Tesla now trading at over $880 a share, Ives and his team still feel strongly about their $1,250 bull case.
"This a name where, never mind $1 trillion, we could be looking at a $2 trillion market cap in the next two to three years."