It's been a rough road lately for Tesla investors.
The stock is down more than 38% this year as the collapse in gas prices cuts into the demand for alternative energy vehicles.
But while some analysts on Wall Street are downgrading their ratings on the stock, Colin Rusch, Oppenheimer managing director, remains bullish.
"The core competence of this company is making high quality products that serve the luxury market," Rusch said referring to the Model X.
Rusch thinks the stock could reach $340/share in the next 12-18 months.