There's a new top bull on Tesla. Argus Research's Bill Selesky slapped a $444 target on the share price and upgraded Telsa to a buy from a hold.
The price target is by far the most aggressive on Wall Street, according to FactSet. It's also 25 percent higher than Monday's closing price of $355. Tesla is up 57 percent in the last year. The shares rose more than 3 percent Tuesday.
"Our upgrade reflects recent strong orders for the Model 3," Selesky said in a note to investors. The new model is expected to hit the market en masse by the end of this year. Right now the company is getting about 1,800 orders a day for the Model 3. Argus points out that number is "without a lot of advertising or marketing campaigns."
The cost of the Model 3 is expected to be $35,000, well below Tesla's other offerings.
Selesky did note some headwinds. He cautioned that "the Model 3 will boost labor and overhead costs in the near term." But the analyst said those costs will drop going into 2018.