Wedbush analyst Daniel Ives raised the price target on Tesla (NASDAQ: TSLA) to $950.00 (from $715.00) while maintaining a Neutral rating. Ives also raised his "bull case" to $1,250 from $1,000.

Ives said EV demand looks robust in 2021, driven by China. The analyst "significantly" raised their forecasts for deliveries and now expects Tesla to exceed the 1 million delivery threshold in 2022 and could start to approach 5 million deliveries annually by the end of the decade if global EV demand continues at this pace.

"We believe overall that EVs, which make up 3% of global auto sales today, could reach 5% by the end of 2021 and 10% by 2025," he added.

While competition is increasing, Tesla remains at the "top of the EV mountain." He said the China growth story is "worth at least $100 per share in a bull case to Tesla as this EV penetration is set to ramp significantly over the next 12 to 18 months, along with major battery innovations coming out of Giga 3."

Finally the analyst notes EV is going to see tailwinds with Biden in the White House.