Despite the skeptics, Tesla Inc (NASDAQ:TSLA) broke above the significant $1,000 price level for the first time in its history this month. The new high further accelerated the bullish optimism surrounding the company.

Can Tesla stick the landing?

“There continues to be a lot of enthusiasm and upward momentum for the stock that is driven by expectations for increasing EV demand,” Ivan Feinseth of Tigress Financial said when asked about Tesla’s recent price action.

Increasing electric vehicle demand is a global trend, and not just in the U.S. Many countries are committing to cut out fossil fuels. 

“There is going to be significant expansion into China. China has mandated 100% EV vehicle sales by 2030,” Feinseth said. “France also has a 100% EV mandate by 2030 as well.”

Tesla's China Play: When asked if China will favor its state-owned Nio Inc - ADR (NYSE:NIO) over Tesla, Feinseth told Benzinga it will come down to consumer choice and cost. 

"Tariffs will play a major issue, but Tesla will make their cars that are sold in China in China."

As more and more countries continue to make the switch to clean energy, the demand for EVs is and competition in the space are likely to rise. The recent IPO, Nikola (NASDAQ:NKLA), is another manufacturer of battery-electric vehicles. The company also makes hydrogen-electric vehicles.

"By the time 2030 rolls around, the landscape of EV choices will be dramatically different, but I believe that Tesla will be a dominant EV company," Feinseth said.

See Also: 5 Reasons Why Morgan Stanley And Goldman Sachs Downgraded Tesla

Baird On Tesla's Valuation: As Tesla stock continues to rise, valuations can’t seem to catch up to the price action.

On June 16, after Tesla broke above $1,000, Baird’s Ben Kallo reiterated a Neutral rating and $700 price target. 

“Investors appear increasingly willing to look through near-term noise and focus on future (2021+) revenue and earnings growth drivers. This is reasonable, in our view, given the numerous projects underway which could meaningfully contribute to growth over time,” the analyst said in a note. 

It’s important to note Tesla isn’t just a car company, it’s an energy company. Kallo said those other projects could help Tesla — and hurt it if they prove unsuccessful. 

“Tesla has numerous projects underway which could contribute to growth over time. While we continue to believe increased production capacity and new product introductions provide a steady cadence of upcoming catalysts, we do note near-term uncertainty related to COVID-19 could be a headwind.” 

The projects include:

Tesla Moving Forward: It's unclear what path Tesla’s stock will take. Most Street valuations for the stock are well below the $1,000 price level, but nonetheless the equity continues to make higher highs.

Whether the stock moves from Musk-specific news, SpaceX launches or upcoming projects, Tesla investors have a lot to look forward to.

“I have long said the stocks are a tough stock to buy based on the valuation and the volatility. However, you gotta like and respect the man, the car and the company because Elon Musk has done an incredible job building a world's leading automobile manufacturer in such a short period of time,” Feinseth told Benzinga.

Tesla ended Wednesday's session at $991.79. The stock has a 52-week high of $1,027.48 and a 52-week low of $211.

Photo courtesy of Tesla.