Piper Jaffray increased its price target on Tesla's stock to $423 a share, saying that "for all its controversy and volatility, we think TSLA is a must-own stock" in the auto sector.
Tesla shares rose 0.4% on Tuesday. Piper's new 12-month price target, up from $372 a share, represents a 26% climb from Tesla's close of $336.20 a share. While Tesla's stock is nearly flat for 2019, that's after the stock rallied nearly 50% in the past three months.
But Piper says it's difficult "to find a more impactful" disruptive company in any industry than Tesla.