Deutsche Bank thinks that Tesla won’t meet its sales targets, but that the stock will go up anyway

In an analyst note released today, Deutsche Bank raised its Tesla price target by $50 to Elon Musk’s favorite number, $420. That’s despite guessing that Tesla’s sales will grow just 15% next year, or potentially half the 20% to 30% sales growth the company forecast in its third-quarter earnings.

The EV company’s sales declined last year. The investment bank is bullish on Tesla thanks to favorable political shifts, improvements in full self-driving, and the company’s “unique ability to leverage end-to-end AI for lucrative commercial applications in robotaxi and robotics.”