By CCN: Tesla’s stock is getting clobbered daily now that Wall Street has lost confidence in the ability of Elon Musk’s company to increase sales. But there’s one bull that’s swimming against the current, claiming that the market has got Tesla all wrong.

Ark Invest’s Bold Tesla Stock Predictions

Tesla bull Ark Invest reportedly holds a substantial stake in the electric vehicle maker. The firm remains upbeat about the company’s prospects despite recent concerns that demand for Tesla cars is falling off a cliff.

Ark Invest analyst Tasha Keeney recently said in a CNBC interview that Wall Street is “misunderstanding the Tesla story.” The firm suggests Elon Musk’s vision for Tesla could boost the stock to $560 even in a bear-case scenario over the next five years, which is nearly triple the current level.

Ark Invest believes that Tesla’s stock could nearly triple from current levels. | Source: Yahoo Finance

Ark Invest analysts justified their target, stating:

“Even if full autonomy turns out to be ‘science fiction’ and Tesla cannot produce an autonomous car, Ark estimates that the electric vehicle opportunity alone would boost its stock two-to-sixfold from $195 today to $560-$1,200 by 2023.”

Ark Invest chief Catherine Wood last year said that Tesla’s stock could go up to $4,000 in a best-case scenario. The analysts tried to justify that massive price target as well:

“If Tesla does solve for full autonomy, however, and its electric vehicle production surpasses our bear case estimates, TSLA could scale significantly higher than our previous $4,000 price target during the next five years, thanks to our newly introduced bull case for electric vehicle volumes.”

But a closer look at Ark Invest’s thesis makes one wonder if the investment management firm is smoking up like Elon Musk.

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