Tesla Motors has a "staggering" ability to ramp up production that will enable it to defend its position for several years, the automaker's biggest bull said Tuesday.
After a Tesla factory tour, Stifel Nicolaus auto analyst James Albertine raised his price target for the company to $400 per share, he told CNBC's "Fast Money Halftime Report." That's the automaker's highest Wall Street target.
"My argument is that Tesla's really carved a niche... and the competition is years away," he said. "We think they can defend themselves for the better part of at least two or three years."
After Albertine released his upgrade Tesla stock jumped over 4 percent: Shares of the company were trading above $281 Tuesday afternoon.
Including Albertine's $400 target, the average price target for Tesla is $259.62, according to data from FactSet.
—By CNBC's Everett Rosenfeld