(Updated - February 3, 2020 7:49 AM EST)

Argus analyst Bill Selesky raised the price target on Tesla (NASDAQ: TSLA) to a 'Street High' $808.00 (from $556.00) while maintaining a Buy rating.

The analyst comments "Our positive view assumes continued revenue growth from the legacy Model S and Model X, as well as strong demand for the new Model 3, which accounted for more than 80% of 4Q19 production. Despite past production delays, parts shortages, labor cost overruns, and other difficulties, we expect Tesla to benefit from its dominant position in the electric vehicle industry and to improve performance in 2020 and beyond."