Investing.com -- Tesla (NASDAQ:TSLA) CEO Elon Musk said over the weekend that profits at the automaker could grow 1000% over the next 5 years if the company can execute.

In response to a comment on X that Tesla could see profit growth of 258% over the next 5 years, outpacing NVIDIA (NASDAQ:NVDA), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX) and other Mag 7 stocks, Musk said, “It will require outstanding execution, but I think more like 1000% gain for Tesla in 5 years is possible.”

Tesla posted non-GAAP EPS of $2.42 in 2024.  So, based on Musk’s prediction, Tesla could potentially earn $24.20 per share in 2029.

Shares of Tesla currently trade with a P/E of 124x the 2024 EPS numbers. All things being equal, this could suggest a price of $3000 per share by the end of the decade (124x$24.20).  

Earlier today, Morgan Stanley analyst Adam Jonas made Tesla his Top Pick in U.S. autos, citing autonomy and Robotaxi as long-term winners for the company, as well as increased contribution from recurring services revenue and the fast-growing energy storage portfolio. He has a base case price target of $480 and a bull case price target of $800, while noting the large Humanoid robot opportunity is not in their base or bull case, “but is becoming serious enough to move the stock.”

Tesla's stock is down 28 percent year-to-date due to worries about slow sales and the political and reputational fallout from Musk’s DOGE involvement.

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