(This story is for CNBC PRO subscribers only.)
There's a new biggest Tesla bull on the Street.
Jefferies on Wednesday more than doubled its target on the stock, lifting its forecast to a Street high of $2,500 from $1,200. The firm said it's "still early in the transformation of the auto industry," while reiterating its buy rating on the company.
In a note titled "The Permanent Revolution Continues," analyst Philippe Houchois said that although Tesla's dominance in the automobile industry might begin to shrink due to growing competition, its presence in areas like software and battery capacity will continue to give it an advantage over rivals.