Tesla's stock price could jump 15% as Jefferies sets highest target on Wall Street of $950 amid production ramp-up

• Jefferies upped its target price for Tesla stock to a Street high of $950, a 15% jump from Thursday's close.
• The analysts based their upgraded target "on higher capacity ramp and sustained demand."

Tesla stock may have a big upside, Jefferies analysts say, even as it closes in on its all-time high.

The analysts, led by Philippe Houchois, raised their target price for the EV maker to $950, a high on Wall Street and a 15% jump from Thursday's close at $818.01.

The new target is based "on higher capacity ramp and sustained demand," the analysts said in a Friday note, noting that new facilities in Berlin and Austin would increase vehicle production by 500,000 in one year to 1.6 million.

"In a global auto industry plagued by complexity, Tesla continues to reduce complexity and set new standards for simplicity of design and assembly," wrote the analysts, who rate the stock a buy.

Jefferies also noted that Tesla's in-sourcing on semiconductor chips has helped it through the shortage, helping it outperformed peers on that key front.

Tesla stock has risen 4.7% so far this week and traded at $826.98 at 9:03 a.m. in New York. Shares hit an all-time high of $883.09 on Jan. 26.

Earlier this month, the company announced a 27% jump in China sales growth in September, its highest month-over-month production since the Shanghai planted began in 2019.

The company is set to report its quarterly earnings next week on Oct. 20. In its last earnings report, the company posted its most profitable quarter to date and crushed Wall Street's expectations, despite supply chain woes.