The Tesla logo is displayed at a Tesla dealership on April 15, 2024 in Austin, Texas.
- Tesla shares fell again on Monday as investors reacted to another wave of price cuts.
- ARK Invest has a $2,000 price target on Tesla, implying a 1,300% stock price increase by 2027.
- Tesla reports earnings after the bell on Tuesday.
With Tesla reporting earnings on Tuesday, even the biggest Tesla bulls are expecting some letdown.
"I wouldn't be surprised about some short-term upsets," Tasha Keeney, ARK Invest's Director of Investment Analysis, told CNBC's Last Call on Monday. "But I think the long-term story is EVs are here to stay."
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ARK Invest's current price target for Tesla stock is $2,000 by 2027. This aggressive projection implies an upside of 1,300% from Tesla's closing price of $142 on Monday.
The electric vehicle maker's shares fell for the seventh consecutive session on Monday after cutting prices on several models, sending the stock to a 15-month low.
"Tesla's prices are so competitive," Keeney said. "It's going to be very hard for any other company to catch up to them at this point."
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Keeney emphasized that ARK Invest is focused on the long-term innovations Tesla is poised to capitalize on -- like robotaxis.
"It's single-handedly pushed forward the electric vehicle industry. I think it's going to do the same for autonomous driving," Keeney said. "So that's what we're focused on — that long-term story."
