Perennial Tesla Inc. (TSLA) bear Barclays believes the electric automaker’s shares should be trading at $145, yet wouldn't be surprised if hopeful investors drive the Palo Alto, California-based company’s stock up all the way to $600.

In a research note, reported on by The Street, analyst Brian Johnson likened Tesla bulls to characters who swallowed the “blue pill” in the movie The Matrix, a metaphor for rejecting the truth in favor of living in ignorant bliss. Blind faith in the company’s prospects prompted Johnson to hike his price target for Tesla from $165 to $210, despite maintaining an underweight rating on the stock and slashing its earnings per share estimates. Tesla’s shares currently trade at $366. (See also: Why Tesla May Have Just Broken Out.)

“It’s the dream that drives the stock,” Johnson said, adding that even countless short-term warning signs aren’t guaranteed to halt surging interest in the company. According to his estimates, Tesla’s shares should be priced at $145, 60 percent lower than their current valuation.

Johnson came to this conclusion after forecasting that Tesla will deliver 840,000 vehicles per year by 2022, a fairly significant increase on the 76,230 units it shipped last year. Those projections, described by Johnson as optimistic, would deem the company’s vehicle venture a success and prevent it from running into debt problems.

"It [our revised methodology] assumes in 5 years Tesla will have 840k units of volume, while applying a solid 25x PE multiple (providing credit for future growth) and discounting back,” said Johnson. “That's solid growth! That said, the PV in this scenario is only $145/share — well below Tesla's current price."

In contrast, Johnson argues that Tesla’s so-called “blue pillinvestors expect the company to sell over 2 million vehicles per year and realize extra gains from newer services such as autonomous ride-sharing service Mobility. If investors continue to buy into the buzz of future projects, Johnson claims that Tesla is poised to become a $600 stock.

“While we clearly believe that Tesla stock is fundamentally overvalued, it’s not hard for us to imagine how with enough bulls getting excited about future opportunities (Energy, Mobility, Hyperloop, Neuralink...cars on Mars??), Tesla could be a $600 stock,” he said. (See also: Tesla Could Be Biggest Catalyst in Trucking in Decades: Morgan Stanley.)

In the note, Johnson provided numerous examples of how the hype of future projects led Tesla “blue pillers” to overlook various disappointments.

“The true "blue pillers" don’t seem to care much for what’s happening today,” he wrote. “Missed guidance on Model S and Model X sales? Irrelevant. Cash burn in the quarter? A sign that Tesla is taking the steps to position itself for the future. Slow ramp on Model 3. Who cares... Rather the "blue pillers" have a vision for what Tesla can be 10 or 15 years from now, and are playing on hopes such a vision is realized — perhaps using the Amazon (AMZN) story as a paradigm for what may come of Tesla.”

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