Tesla Stock: Headed to $450?

Days after Tesla (NASDAQ: TSLA)shot up nearly 10% in the wake of upbeat news about Model 3 production at the electric-car company's annual shareholder meeting, one analyst is hiking his 12-month price target on the stock from $420 to $450. The analyst making this bullish call is Nomura Instinet analyst Romit Shah.

The analyst cites a forecast for higher-than-anticipated average selling prices for the Model 3 and Tesla's plans to build a factory in Chinaas reasons to be optimistic.