KUALA LUMPUR (Feb 3): Shares in electric-vehicle (EV) maker Tesla Inc could be worth US$1,200 (RM4,855.20) each next year, according to investment firm Piper Sandler.

The American multinational independent investment bank and financial services company’s forecast is close to double Tesla’s current share price.

Energy portal Oilprice.com yesterday reported that to say that Piper Sandler is bullish on Tesla is to say nothing.

Oilprice.com said Piper Sandler had produced a 100-plus page report on why the luxury EV maker is set for consistent stock price gains over the long term.

It said it all boils down to revenue streams and markets.

According to the analysts of the investment firm, Tesla has a lot of both — and it is unlikely to run out of either markets or revenue streams anytime soon, said Oilprice.com.

"Indeed, with Tesla's target industries still embracing outdated business models, it may be decades before this company runs out of new opportunities to pursue,” Oilprice.com cited Piper Sandler as saying.

The energy portal said what is clear is that Tesla is no longer just a carmaker.

It said in fact, the company had not been just a carmaker for years now.

Still, it explained that that's how Tesla is widely seen, added the portal.

Tesla has its solar business — mixed success and all — as well as battery pack business and services business, said Oilprice.com.

Morgan Stanley recently said Tesla's services business was actually worth more than the car business, calculating that the services business constitutes 53% of the bank's price target for Tesla.

That target is moderate compared to what Piper Sandler expects: US$540 by 2030.

"To only value Tesla on car sales alone ignores the multiple businesses embedded within the company, and ignores the long-term value creation arising from monetising Tesla's core strengths, driven by best-in-class software and ancillary services," Morgan Stanley managing director of research Adam Jonas said in a note to clients in December.

Meanwhile, Piper Sandler analysts said Tesla is targeting multi-trillion dollar markets, so there will always be new levers for growth.

“Some may scoff at our generous assumptions, re: Tesla's long-term potential, but consider this: our model does not contemplate.

“[Also consider] Tesla's eventual entry into the HVAC (heating, ventilation, and air conditioning) or auto insurance markets, both of which represent hundreds of billions in market-wide revenue,” they said.

Tesla was last traded at US$872.79.