There's a new biggest bull on Tesla and he thinks the stock is going to $515

Tesla Model 3
Silas Stein | picture alliance | Getty Images

Electric car maker Tesla has a new biggest fan on Wall Street.

Canaccord Genuity analyst Jed Dorsheimer sees Tesla's stock rallying more than 20% from its current price of around $418 to $515 over the next year. In a note, he told clients that 2020 will be an "electric year" for the carmaker. The target makes Dorsheimer the biggest bull on Tesla equity among Wall Street's major brokerages.

Tesla shares rose 2.85% Thursday to $430.26 following the call, finishing the session just below its all-time closing high of $430.94. Canaccord's previous price target was $375.

"We believe the trend towards electrification will only accelerate in 2020," he wrote. "While bears have feared demand issues as a function of tax credit expiration for Tesla, we suspect a solid Q4 combined with the robust Q3 should put these fears to rest and put to rest this issue as the credit expires."

More In Pro News and Analysis

CNBC ProPeloton, Lululemon, Apple and others are betting the fitness-at-home shift is here to stay
CNBC ProJPMorgan says investors need to shake off 'FANG fatigue' and buy the Big Tech stocks again
CNBC ProMike Santoli’s market notes: Young unafraid money still buying, key S&P 500 levels, the GM case