Beck Diefenbach | Reuters
Elon Musk, CEO of Tesla.
Macquarie Research began reporting on Tesla with an outperforming rating, saying that electric car maker stocks could reach more than 70 percent.
Musk said Tesla does not have to raise funds, but the analyst said it might be a good idea. "We believe that raising equity would be beneficial in furthering the longer-term outlook and cushioning unexpected periods of economic slowdown."
Macquarie said investors should consider Tesla more as a technology company than a traditional automaker. Um also acknowledged that Musk's unconventional CEO behavior could have "understandably worried" investors.
"Musk's actions and behavior could negatively impact Tesla's multiplier," the analyst wrote. But "Musk will continue to be a key element of Tesla in the foreseeable future."