JPMorgan upgraded Tesla to Neutral from Underweight.
Analyst Rajat Gupta raised the price target by 227% to $475 from $145.
The bank attributes the revision to Tesla's ventures beyond its core electric vehicle business.
The new forecast prioritizes artificial intelligence initiatives over traditional automotive metrics.
Valuations now center on Full Self-Driving technology, a future Robotaxi network, and the Optimus robotics program.
JPMorgan projects these businesses will push annual revenue past $200 billion by 2030.