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.