Tesla stock has been struggling lately. Investors have hoped for a bounce as some of the politics driving increased uncertainty subsides. A rebound, however, didn’t materialize Monday as investors considered the possibility of a recession and a Wall Street analyst cut his forecast of deliveries.

But one Wall Street analyst thinks the stock has dropped far enough. TD Cowen analyst Itay Michaeli just upgraded that firm's rating on Tesla stock to a "buy" and provided a massive price target increase from $180 to $388 per share, reports Barron's.