Tesla shares jump after Oppenheimer raises price target to $612, highest on Wall Street

Tesla co-founder and CEO Elon Musk gestures while introducing the newly unveiled all-electric battery-powered Tesla Cybertruck at Tesla Design Center in Hawthorne, California on November 21, 2019.
FREDERIC J. BROWN | AFP | Getty Images

Oppenheimer just became Wall Street's biggest bull on Tesla.

The firm hiked its price target for the electric car maker to $612 per share from $385 per share, implying more than 20% upside based on Friday's closing price of $478.15 per share. Oppenheimer's new price target is the highest on the Street of major firms, according to FactSet.

"We believe the company's risk tolerance, ability to implement learnings from past errors, and larger ambition than peers are beginning to pose an existential threat to transportation companies that are unable or unwilling to innovate at a faster pace," Oppenheimer analyst Colin Rusch said in a note to clients Monday.

The call sent Tesla's stock up 9.8% on Monday, pushing shares above $500 per share for the first time ever. Oppenheimer has an outperform rating on Tesla. Tesla closed at $524.86 per share on Monday.