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Forget the tech wreck the past two days.
Berenberg decided to use the pullback to raise its price target for Tesla to the highest on Wall Street, saying the car maker will dominate the electric vehicle market in the coming decade.
The firm also upgraded its rating on the company to buy from hold.
Big automobile companies' "complacency about electric vehicle (EV) technology is worse than perceived," analyst Alexander Haissl wrote in a note to clients Monday. "With no clear pathway to high-volume EV production for these OEMs [original equipment manufacturers] before the mid-2020s, Tesla will be given a near-monopolistic opportunity to gain market share and outcompete the incumbent automotive industry."
Tesla is one of the best-performing stocks in the market this year. The company's shares are up 68 percent year to date compared with the S&P 500's 8.5 percent return.
The analyst raised his price target for Tesla to $464 from $193. The new target represents 29 percent upside from Tesla's Monday close. He now has the highest price target on the company out of 19 analysts, according to FactSet.
Haissl estimated Tesla will invest nearly $33 billion in its electric vehicle business over the next five years, which will be 40 percent more than Daimler and Volkswagen combined, according to his analysis.
He also predicts the company's "best-in-class cost base and production processes" will enable Tesla to generate profit per vehicle more than 50 percent higher than its competitors.
"Tesla's disruptive potential encompasses the vehicle, the entire production process and the product-to-market strategy. Once the business reaches scale, the cash generation potential is significantly superior to existing premium OEMs," he wrote.
Tesla shares rose 2 percent in Tuesday premarket trading after the call.
— CNBC's Michael Bloom contributed to this story.