New York (CNN Business) Most investors only think about electric cars when they think about Tesla. But the company's solar power and storage battery business could be a major factor in the performance of Tesla shares, according to a new analyst note.

Alex Potter, an analyst with Piper Sandler, raised his price target on Tesla shares to $928, up $199 from his previous price target. And he believes an underappreciated key to the company's future performance is the non-automotive part of the business that currently accounts for only 6% of its revenue.

"It's easy to forget that Tesla sells batteries and solar power products," he wrote Wednesday. "Clearly, the market is big enough to 'move the needle' -- and perhaps large enough to surpass the automotive segment."

Tesla is ramping up production of Solarglass Roof , its solar panels that look like roofing tiles instead of the traditional solar panels that many homeowners think are ugly.

It also sells large batteries known as the Powerwall , which can store the excess electricity that is created during the day by the solar panels, rather than feeding excess power into the electrical grid the way other solar panels do.

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