Morgan Stanley analyst Adam Jonas said he expects Tesla shares to be extremely volatile in 2018.

He assumes that Tesla’s battery module production bottlenecks may be resolved in weeks, which could result in the stock price rising to $400 or more over the next few months, he tells investors.

However, following a “hypothetical 1H18 pop,” he could see longer-term risks in the story and more serious headwinds to come to the forefront of investors attention, Jonas adds.

The analyst maintains an Equal Weight rating and $379 price target on Tesla shares, which closed yesterday at $308.74.