As previously reported, Canaccord upgraded Tesla to Buy from Hold with analyst Jed Dorsheimer stating that he thinks electric vehicle, or EV, penetration is underappreciated by Wall Street.

He believes the last two quarters and recent guidance have removed significant concerns for both production capability and profitability of the Model 3. Also, his prior corporate governance concerns were allayed with the addition of Larry Ellison and Ms. Wilson-Thompson as independent directors, Dorsheimer tells investors.

Additionally, he sees Tesla as having "an almost insurmountable lead in autonomous driving," the analyst added in his upgrade note. He raised his price target on Tesla shares to $450 from $330.