Wedbush analyst Daniel Ives upgraded Tesla to Outperform from Neutral with a price target of $1,000, up from $950. The analyst also added the shares to the “Wedbush Best Ideas” list with a $1,300 “long term bull case.” The Q1 delivery numbers released Friday was a “paradigm changer” and shows that the pent-up demand globally for Tesla’s Model 3/Y is hitting its “next stage of growth as part of a global green tidal wave underway,” Ives tells investors in a research note. The analyst now believes Tesla could exceed 850,000 deliveries for 2021 with 900,000 a “stretch goal,” despite the chip shortage and supply chain issues lingering across the auto sector. While the electric vehicle sector and Tesla shares have been under significant pressure so far this year, the “tide is turning” on the Street and the “eye popping” delivery numbers coming out of China cannot be ignored with the trajectory on pace to represent 40% of deliveries for Tesla by 2022, says Ives. The analyst believes Tesla’s profitability and free cash flow profile will significantly improve over the next four years with $20 of annual earnings per share potential by 2026.