Amid bull-run, 3 Tesla analysts disagree on how much further the stock has to climb

Price Target: $550

Rating: Neutral

"The aggressive trajectory of Giga 3 production and demand out of Shanghai look very strong out of the gates," Daniel Ives wrote in a Tuesday note. That's what spurred Wedbush to raise its 12-month price target to $550 from $370, he said.

China is the "major swing factor on the stock," Ives said, adding "we believe the China opportunity is worth at least $100 per share." That, paired with European Model 3 demand, is the driver powering the stock upward, he said.

US demand remains an unknown that investors will be eager to get clarity on in Tesla's Jan. 29 earnings call, Ives noted.

"2020 represents a pivotal year for Musk & Co. with next week's earnings likely a major step forward," Ives said.

Price target: $800

Rating: Buy

High demand for Tesla's Model 3 sedan, the company's technological advantage over its competitors, and a recent track record of executing on its business plans, are core reasons why New Street now expects Tesla shares to hit $800 by 2021, wrote Ferragu, a long-time Tesla bull, in a note Tuesday. Ferragu previously set a $530 price target.

Still, the path to $800 could be rocky, he said: "The stock will remain volatile, as the spread between our bull and bear cases remains wide, and God only knows what the next controversy will be." That makes it difficult to call what Tesla's nearer-term share price will be, Ferragu wrote, but in regards to Tesla's January 29 earnings release, the market has been conservative on some key metrics. "We expect a strong FCF [free cash-flow] beat next week" and guidance for 2020 will be above consensus, he wrote, while adding that the cost of the Shanghai gigafactory might affect near-term profits.

And the long-term picture is rosy, he said: "We expect Tesla to produce and sell 2-3 million cars beyond 2025, translating to about $1,100-1,700 per share."