Tesla shares jumped nearly 3% Wednesday after Nomura analyst Romit Shah set a US$500 per share 12-month price target for firm, Zacks reports. The target would represent a 44% price increase.

The bullish view from Shah came after a shaky start for the stock in trading Tuesday, following news of missing production goals for the Model 3.

“Tesla is vertically integrated, owning both the manufacturing and much of the supply chain, similar to Intel when it scaled revenues from $4bn to $34bn during the 1990s’ PC era,” Shah wrote in a note to clients. “We believe that Tesla has an insurmountable lead in vehicle range per dollar; benefits from what we believe is a largely inferior competitive field, which should help sustain current growth.”

Investors don’t care that Tesla isn’t close to meeting its production goals, or about the company’s fundamentals at all. Based on Zacks consensus estimates, Elon Musk’s firm is set to see its EPS figures tumble 128.53% this year, and is scored “F” for both value and growth in Zacks’ Style Score system.