Tesla stock has a clear path toward $400 per share, James Albertine of Stifel Nicolaus said after the electric-car maker beat earnings expectations. The company posted earnings of 2 cents per share versus Wall Street estimates of a 1 cent loss per share. Tesla also lowered fourth-quarter guidance to a range of 30 to 35 cents compared with expectations of around 75 cents. Read More Tesla sharply lowers Q4 guidance on deliveries Albertine, who is vice president of equity research, said Wednesday on CNBC's "Fast Money" he was eyeing one positive metric.

The Tesla Model S electric car. Tesla Motors

"I think demand is there, and, quite frankly, 28 percent, or slightly higher than 28 percent, gross margin is what I'd be focused on—and the unchanged outlook for 2015," he said.

Albertine has a "buy" rating on the stock and a $400 price target. Read More We will all drive a Tesla in 25 years: Ron Baron

At midday Thursday, the stock was trading at more than $243 a share. "Sounds to me like the air pocket, if you will, is production, and it's a good thing because they're bringing some features forward that'll allow them to upsell their vehicle from what was already $110,000 a unit to conceivably higher now," he said.

