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Wall Street Tesla bears have gotten clobbered — but the bulls still have to deal with some big questions (TSLA)

The bulls have been victorious, but some of them have tempered their enthusiasm in that face of Tesla's tricky valuation. Others haven't.

  • The bulls have been winning.
  • But

If you had bought Tesla stock right after the company's 2010 IPO, you'd be sitting on a massive return, more than 1,000%.

But just because Tesla, now with a market capitalization of about $60 billion and a share price hovering around $350, has rewarded investors, that doesn't mean there isn't a wide range of opinion about what CEO Elon Musk's 14-year-old company should be worth.

Tesla bears and Tesla short-sellers have been pulverized over the carmaker's publicly traded history. But their argument hasn't lost its validity: Tesla, who has rarely posted profitable quarters, is currently incinerating cash at a furious rate. It has also struggled to launch its mass-market Model 3 vehicle, and has a balance sheet that's loaded up with debt following a 2016 merger with SolarCity.

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The bulls have been victorious, but some of them have tempered their enthusiasm in the face of Tesla's tricky valuation. Others haven't.

The most bullish major investment back is Nomura, with a price target of $500 and a buy rating on Tesla. Bank of America is the most bearish, with a $155 target and a sell rating.

Between those two, you have what we might call "qualified bulls," such as Morgan Stanley's Adam Jonas, with a $379 target and a hold rating, as well as Rod Lache at Deutsche Bank, who is at $365, also with a hold rating.

Then there's Goldman Sachs, which is moderately bearish: a $205 target price from

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