What happened

Shares of Tesla (NASDAQ:TSLA) are trading higher today. The electric car maker's stock jumped as much as much as 5.7%. As of 1 p.m. EST, however, the stock was up 4.9%.

The growth stock's gain is likely driven by both an upbeat day for the overall market and an analyst's move to more than double their 12-month price target for Tesla shares.

Tesla Model S interior

The recently refreshed interior of Tesla's Model S. Image source: Tesla.

So what

Piper Sandler analyst Alexander Potter raised his 12-month price target for Tesla shares to $1,200 on Monday. This is up from a previous target of $515. The "fireworks aren't over" yet for Tesla, the analyst said in a note to investors.

Supporting his bullish view for the stock, Potter thinks Tesla will deliver 894,000 vehicles this year, representing 79% year-over-year growth. 

Also helping the stock today is likely a bullish day for the overall market. As of this writing, the Nasdaq Composite was up 2.5% and the S&P 500 was up 1.6%.

Now what

Potter's forecast for 894,000 deliveries is quite bullish. All Tesla said in its fourth-quarter shareholder letter about its expectations for 2021 deliveries was that it expects total deliveries to grow at a year-over-year rate faster than 50%.