Tesla Inc is set to “attack and conquer” another trillion-dollar market as the company best known for its electric vehicles ramps up its focus on energy generation and storage, according to Canaccord Genuity.

Analyst Jed Dorsheimer upgraded the stock to buy from hold and gave it one of the highest price targets on the Street, predicting the generation and storage unit could yield US$8 billion of revenue by 2025.

Tesla “is rapidly creating an Apple-esque ecosystem of energy products, harmonized in electrification, to become The Brand in energy storage,” Dorsheimer said in a note to clients Monday. His US$1,071-a-share objective -- up from US$419 previously -- suggests almost 60% upside for a stock that’s already gained nearly six-fold in the past year.

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