Since there is some confusion about why investors would support the TSLA stock price, I thought I would pull a couple of sell-side analysts reports to see what

Since there is some confusion about why investors would support the TSLA stock price, I thought I would pull a couple of sell-side analysts reports to see what industry watchers were saying. (I happen to currently have a business role running a P&L, and I have access to sell-side research as one of my resources.) I'm not an auto guy, and while I read Elon's biography, I'm looking at this for the first time. It seems that the simple way the sell-side analysts are looking at it is by going out a few years, let's say 2020, and then projecting the possible EPS in 2020 then assigning a multiple. One guy said that they could get to an EPS of $6, and gave it a 30 multiple or roughly a $180 price, and said the stock is way too high. Another guy said they could get to an EPS of $20, and gave it a 32 multiple (but then discounts the value to today in 2017) for roughly a $400 stock price. The difficultly is predicting what the EPS is going to be in 3-4 years. The bulls are confident that Elon has a battery and innovation edge such as the auto-pilot (or Warren Buffet moat or competitive advantage). The bears say that the tech is too easy to copy. I understand concern over "how big can they get?" However to counter this, the absolutely auto market is massive (somewhere around or over $1.5T). The problem is that the market is fractured into a lot of small guys. I suppose there is an argument that Tesla could sell tech to a vast majority of these guys, and unite them under a common battery/OS platform (think IOS or MS-Windows). Mind you, I am not investing in Tesla at all, but there is a valid path to a high stock price. You just have to accept multiple things need to happen. Right now, I'm not investing, so this is a passing point of interest. Time to look at this page in 2020.