Tesla Motors Inc. shares nudged higher early Tuesday after an analyst said their recent tumble provided an opportunity to buy into a fundamentally strong company at a discount.

Global Equities Research’s Trip Chowdhry’s bullish call comes in the face of cautious comments made by the electric-car maker’s own chief executive, Elon Musk, who mentioned on Sept. 5 that the stock appeared a bit pricey. On Monday, after Morgan Stanley analysts said they agreed with Musk, the stock TSLA, +4.42% plunged 9.1%, its biggest one-day percentage decline since May 8.

But Chowdhry wrote in a note to clients that “Tesla fundamentals are intact and strong,” and he pointed out several potential positive catalysts on the horizon:

• Tesla is expected to launch a four-wheel-drive Tesla Model S within three months. That should be “a significant revenue catalyst,” Chowdhry said, since it would expand the customer base to the northern U.S., as well as Europe, where it snows heavily each year.

• “Driver assist” features are expected to be introduced in Tesla Model S vehicles within the next three months.

• A 400-mile-range battery pack is expected to be made available for Tesla Roadsters in the next three months.

• Tesla will give rides to potential customers on Model X Alpha versions over the next six to 12 months.

• Tesla will likely unveil the mass-production vehicle Tesla Model 3 in about 12 months.

Meanwhile, Tesla’s stock has dropped 11% since closing at an all-time high of $286.04 on Sept. 4 — a day before Musk’s comment. The stock was still up 69% so far this year, compared with a 7.3% rise in the S&P 500.

Because Tesla’s fundamentals remain “extremely strong,” Chowdhry said “it may be prudent to buy [Tesla’s] stock on [Monday’s] weakness.” He has an overweight rating on the stock, and his 12- to 18-month price target of $385 represents a 52% rally from current levels.