TeslaUp more than 4%, the stock price is back above $700, New Street Research said, the pullback does not change the optimistic outlook, raise the target price of Tesla, Inc..

Pierre Ferragu, an analyst at New Street Research, upgraded Tesla, Inc. to "buy" from "neutral" and raised his target price to $900 from $578. Ferragu believes that while the recent correction corrects the over-optimism reflected in Tesla, Inc. 's valuation, after further study of Tesla, Inc., New Street Research has increased its optimism about the company's prospects for the next two years.

In Ferragu's view, the current demand outlook is stronger than supply. In the foreseeable future, fierce competition will not be a problem for Tesla, Inc.. While the risk of delayed production does exist, Tesla, Inc. should be able to achieve his target of 2 million vehicles by the end of 2022 and quadruple delivery within three years. He expects earnings per share of $12 in 2023 and points out that the stock market's earnings ratio will remain at the top of the 50-100 range.

In the past six months, a total of 13 analysts have given neutral ratings, 12 recommended buy and 10 recommended sell, according to Refinitiv.