Tesla shares will rally 50% to $800, says Street's biggest bull on the stock

Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China, January 7, 2020.
Aly Song | Reuters

Shares of Tesla have more than doubled over the last 3 months, and New Street Research believes strong demand and management execution will drive shares even higher. On Tuesday the firm raised its target on the stock to a Street high of $800, which is roughly 57% above where shares currently trade.