Musk owns 28.3 million shares of the company he co-founded, according to filings, giving his stake a value of about $6 billion based on Thursday's stock price. A month ago, his stake was worth more than $7.2 billion. "Iron Man" director Jon Favreau told Time magazine four years ago that Musk was the inspiration for the lead character in the film because of his creation of Tesla as well as solar company SolarCity and space explorer SpaceX.
"The stock has a very strong retail (trading) base so it can be volatile on a day-to-day basis," Driscoll said. "I don't think anything has changed. It's just become more attractive on a valuation basis."
Pacific Crest said valuation is "much more reasonable given growth" and, discounting risks, has reiterated its "outperform" rating and $316 price target on the stock.
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The note added that Tesla is growing more than 12 times faster than its peer group, which includes Amazon and Apple, but is only trading with an enterprise value of 2.6 times its 2016 revenue.
Pacific Crest believes revenue of $11 billion to $12 billion in 2016 is well within Tesla's reach.
The stock trades at nine times sales, near its lowest valuation on that basis over the past five years, according to FactSet.
Along with the drop in oil, a delay in the introduction of its new Model X vehicle made for a perfect storm of negative news for the stock in the last month. Musk announced the delay with the company's third-quarter earnings report last month. But the Model X is still coming and it will still turn heads in 2015 like Apple and GoPro do with their new product releases, the Pacific Crest analyst wrote in his note.
These stocks (Apple, GoPro) hit highs every time a new product was announced, and Pacific Crest expects the Model X to launch sometime in the third quarter of 2015, giving ample time for Tesla stock to rise into that release.
Don't wait too long, the report said. "Tesla will sell everything it makes, for a very long time."
Stifel Nicolaus, which has the highest price target on Wall Street at $400, said pushing the Model X introduction out to 2015 was "most prudent" on Musk's part as there's no rush with no real pure electric luxury carmakers out there.
And analysts have played down concerns over competition from major carmakers' alternative energy plans.
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"That's great that (competitors) finally embrace electric vehicles," MLV's Driscoll said. He noted that anyone from BMW to Toyota getting into electric vehicles would increase availability of refueling stations and actually help Tesla's sales.
Disclosure: NBCUniversal, parent of CNBC, is a minority investor in Kensho.