Wedbush Securities said Tesla's rise is set to continue as it capitalizes on robust growth from China.
In a note published on Sunday, Wedbush said that in a bull case scenario, Tesla could jump another 71% from current levels to $3,500.
Demand for its cars in China, combined with recent price cuts, have created "a perfect storm of demand" for Tesla to take advantage of.
By 2022, China could make up 40% of Tesla's overall sales.