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Two analysts battled it out for the minds of Tesla investors Tuesday. The bearish analyst won the day for once, sort of.

JMP Securities analyst Joe Osha upgraded Tesla (ticker: TSLA) stock to the equivalent of Buy from Hold and raised his price target to $1,060 a share. It’s the first four-digit price target on the Street that Barron’s could find. Other, higher targets, have been floated by fund managers, but those are, generally speaking, target prices looking far out into the future. Official Wall Street price targets usually reflect where analysts think shares will trade at over the coming 12 months.

Osha, for his part, argued in his report the recent coronavirus-related stock price pullback offered a good entry point for shares and that Tesla would maintain its lead in electric-vehicle technology in coming years.

Bullish investors cheered the news and shares opened at $805, up more than $60 a share, or 8.3%. It was a big jump. But shares slid over the course of the day, closing up less than $2, or 0.3%, at $745.51 a share, as the broader market plummeted.

Comments from Morgan Stanley analyst Adam Jonas may have countered Osha’s bullish sentiment. Jonas rates Tesla shares the equivalent of Sell and has a $500 price target, about 33% below where shares are trading.

In his report, Jonas argued, at these levels, Tesla stock is implying Tesla will capture 20% of global EV sales, measured by dollars and not units, along with 30% of EV profits by 2030. He thinks those levels are aggressive.

He also offered an unique sensitivity analysis in his report for investors to consider. “Each 1 million units of volume by 2030 is worth between $150 and $200 per Tesla share,” writes Jonas. That’s a number investors can file away for reference later as Tesla vehicle volumes grow.

Jonas also warned that investors should get ready for a rocky first-quarter earnings report from Tesla because of the Covid-19 coronavirus. Tesla, after all, does a lot of business in China. Tesla 2020 volumes could drop 20% in his “bear case” due to the virus. He expects, as a base case, Tesla to deliver about 500,000 vehicles around the world in 2020.

The coronavirus outbreak, of course, has already hit Tesla stock. Shares are down about 20% since mid-February, when coronavirus fears rose. The Dow Jones Industrial Average and S&P 500 are down about 11.5% and 10.4% over the same span.

Tesla has been a high-interest stock for bull and bears these days because of the stock’s epic tear. Better-than-expected earnings catalyzed the rally, which has sent the stocks up more than 300% from its 52-week lows. The kind of huge move will always generate controversy on Wall Street, as Tuesday’s reports suggest. Wall Street targets for Tesla shares range from about $290 to $1,060 a share. The $770 spread is far wider, as a percentage of Tesla’s current stock price, than for the average stock in the Dow.

Tesla shares are at it again in Wednesday premarket trading. Shares are up about $21, or 2.8%. There isn’t much Tesla-specific news this morning. Instead S&P futures are up about 2% after Joe Biden took the Democratic delegate lead from Bernie Sanders on Super Tuesday.

Write to Al Root at allen.root@dowjones.com