Could Tesla Motors Inc (TSLA) Hit $300 or $400 per Share?

Tesla charging station

The shares of Tesla Motors Inc (NASDAQ: TSLA) have been accelerating over the past year. The company’s stock traded between $181.40 and $291.42 per share over the past 52-weeks. Tesla gained 21% of stock value year-to-date.

The stock price of Tesla closed $269.15 per share, up by 0.33% on Wednesday. Could Tesla reach a stock price of $300 or $400 per share?  Yes, according to Credit Suisse equity analyst Dan Galves and Evercore Partners ISI technical analyst Rich Ross.

Tesla shares have “substantially more upside”

Galves raised his 12-month price target on Tesla shares to $325 from $290 and reiterated his Outperform rating on the stock. He believed that the shares of the electric car manufacturer have “substantially more upside.” He also suggested that stock price of the company could reach as much as $400 per share.

The equity analyst noted that near-term risks surrounding Tesla’s auto business were reduced significantly. He thinks that Tesla Energy, the company’s battery system for homes, businesses and utilities could potentially add 15% to 35% to the revenues of its auto business by the end of the decade—the main factor that could drive the stock higher to $400 per share over the next 12 to 18 months.

Galves estimated that Tesla would be able to deliver to 11,000 to 11,500 vehicles in the second quarter, higher than the previous estimate of the electric car manufacturer. Tesla expected its vehicle delivering in the range of 10,000 to 11,000 units.

Tesla has a very nice base of support to trade higher

On the other hand, Ross believed that Tesla has a very nice based of support to trade higher. He believed that the stock could hit as much as $300 per share.

Ross explained on CNBC’s Trading Nation that “Tesla stock has held up like a rock against the backdrop of this uptick in macro volatility.”  He believed that the electric car manufacture “has what it takes to get all the way up to $300 a share.”

“The first thing you see when you break down the chart [of Tesla] is a big downtrend from last September to May of 2015.” He noted that the stock established a very nice base of support, and he sees a “breakout above the neckline, above that base.”

He added that the breakout established a new uptrend for Tesla shares, which are “almost in a straight line” upwards.

“Even as Greece fears and Puerto Rico has weighed on the broader market, Tesla has held up and is testing its old high for the year. I think that gets us all the way to $300, which is a new high for the stock” said Ross.

Furthermore he said Tesla is a “great name to own” and he is a buyer of the stock.