Piper Jaffray analyst Alexander Potter increased his price target on Tesla Inc. shares TSLA, +5.04% to $423 from $372 late Monday, writing that "it's hard to find a more impactful disrupter than Tesla." He argued that while Tesla has always had a strong mission and loyal base of customers, more recently the company has demonstrated impressive capabilities. "These include high-volume manufacturing, impressive opex control, and frugal capital spending," he wrote. Potter is also upbeat about Tesla's newly announced Cybertruck pick-up truck, which has been a controversial subject since its reveal. Potter said he was originally skeptical of the truck but then "began considering the possibility that ALL OTHER pickup trucks might actually be pretty crummy, and that Tesla's Cybertruck is the only pickup worth ordering." He said it's no longer "far-fetched" to think that Tesla could sell 200,000 units annually beginning in 2023, an assumption now baked into his updated financial model. Potter has an overweight rating on Tesla shares, which are off 0.3% in premarket trading Tuesday. The stock is near flat on the year, rising 0.6% as the S&P 500 SPX, +1.59% has gained 24%.