Tesla Motors Inc (NASDAQ:TSLA) has been upgraded by Rod Lache of Deutsche Bank to a Buy rating with a price target of $310.

For the upgrade, the analyst noted that Tesla Motors Inc (NASDAQ:TSLA) is seen to have “much steeper” growth trajectory, a “much richer” mix and “ultimately much lower than previously assumed” costs.

The upgrade on Tesla Motors Inc (NASDAQ:TSLA) comes after Pacific Crest Securities recently initiated coverage on the company and rated it Outperform with a price target of $316. Meanwhile, Morgan Stanley is also very bullish on Tesla and has a $320 price target for the stock. Pacific Crest’s and Morgan Stanley’s price targets are, however, still lower than the $325 price target set by Dougherty & Co. for their coverage on the stock.

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Meanwhile, according to Lache, Tesla Motors Inc (NASDAQ:TSLA) will sell 129,000 units in 2017, an sunnier outlook from his previous 83,000 appraisal. Furthermore, Lache said in his note that for 2015, the company is expected to have 60,000 units in volume for next year, an increase from the previous estimate of 51,000. For 2016, the analyst expects volumes of 100,000 unit, up from 60,000.

If those numbers are not sufficiently bullish enough for Tesla Motors Inc (NASDAQ:TSLA), Lache said that he believes the company’s Gigafactory will help it reach 500,000, or even more, towards 2020. Recently, the car maker and Panasonic Corporation signed a deal to work on the Gigafactory, a facility Tesla Cofounder and CEO Elon Musk said will increase the company’s output as well as lower its cost.

Musk also said in the recent earnings call for his company that the Model X, the company’s future SUV entry, is expected to sell just as well as its Model S sedan.

Musk said, “If we…just address the demand and then the servicing side of things, it’s reasonable to expect that if we see sort of a comfortable 1,000 unit demand on the sedan side…probably we should expect that similar number on the SUV side. My guess is we’ll actually see slightly higher on the SUV side. I think the Model X is going to a phenomenal car.”

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