Piper Sandler analyst Alexander Potter raised his price target for Tesla to $729 from $553 following last night’s Q4 results and keeps an Overweight rating on the shares. The stock in premarket trading is up 10%, or $59.01, to $640.00. The analyst cites Tesla’s “less aggressive” capital expenditure outlook for the price target raise as the company keeps under-spending his estimates. Potter is also giving Tesla more credit for operating leverage saying the company’s “thriftiness continues to impress.” Further, demand remains a non-issue, with multiple new products on the horizon and, apparently, an overwhelming number of Cybertruck orders, the analyst tells investors in a research note. Potter believes Tesla is on a path toward becoming “the world’s only relevant publicly-listed auto maker.” The stock remains his top pick.