Oppenheimer's Tesla analyst advises investors to 'ride the momentum' but protect themselves

Tesla Chairman and CEO Elon Musk addresses discusses self-driving featur
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Oppenheimer analyst Colin Rusch, who has a $2,209 per share price target on Tesla, said Friday he continues to believe the electric vehicle maker has more upside potential.

The stock closed above $2,000 for the first time ever Thursday and it was adding to those gains Friday.

However, Rusch warned investors to be practical be as the stock continues to soar. It's up over 20% in the last five days alone.

"I think you kind of ride the momentum here and protect yourself," he said on CNBC's "Squawk Box."