Barclays analyst Brian Johnson raised his price target for Tesla shares to $210 from $165 while reiterating an Underweight rating on the name.

The electric carmaker closed yesterday down 94c to $362.75. The “most realistic end-scenario implies Tesla is highly overvalued,” Johnson tells investors in a research note, while admitting that ascertaining the right valuation for the company “seems futile.” His new price target assumes Tesla in five years will have 840,000 units of volume on a 25 times price-to-earnings multiple, discounted back. The analyst calls that “solid growth,” but says it’s “the dream that drives the stock.” Under “uber-bull scenarios,”

Tesla sells 2M-plus vehicles per year and garners a 45-60 times price-to-earnings multiple to reflect optimism around future opportunities, the analyst contends. As such, it is not a stretch to see how Tesla could be a $600 stock, Johnson writes. He does not see the stock “cracking” in the near-term as he believes Tesla set a low bar for expectations.