Piper on Monday raised its price target on Tesla to $368 from $223, representing more than 20 percent upside from Friday's close.

The move amounts to the highest price target on Wall Street from a major research firm, according to FactSet. Dougherty & Co., a smaller firm, has had a $500 price target on Tesla since October.

Piper also upgraded Tesla's stock to overweight from neutral, noting the company's products "have a captivating impact on consumers and shareholders alike; this advantage will be difficult to replicate."

"In the minds of its customers, employees, and shareholders, Tesla isn't just another company," they added.

Tesla shares year to date

Source: FactSet

The research firm, however, pointed out investors should brace themselves for a "bumpy ride." "But even with all the risks, we think growth investors can't afford to ignore this stock."

Tesla shares hit an all-time high of $304.88 per share on Wednesday. The stock is also up 41.6 percent in 2017.

Founder Elon Musk teased short sellers on Twitter this month as the stock surged in market value past established carmaker Ford. Piper believes Tesla at this point may be bear-proof: