Why I upgraded Tesla stock: Wedbush analyst

Tesla not positioned to disappoint: Pro

Enthusiasm from potential car buyers and a competitive edge would lead Tesla Motors stock higher, Craig Irwin of Wedbush Securities said Tuesday.

"So, Tesla's not positioned to disappoint anytime soon. These guys are going to keep executing, keep making expectations for the foreseeable future," he said.

The Wedbush analyst upgraded Tesla stock to "outperform" with a price target of $240 per share. Previously, Irwin had held a "neutral" rating and a price target of $180.

On CNBC's "Fast Money," Irwin said that a survey of 892 probable auto buyers helped lead to the upgrade.