My medium term view on $TSLA:

1/ Q2 was tough, w/ a month of lost production in Fremont due to Covid. At the same time, GF3 (Shanghai) is still ramping, & GF4 (Berlin) is still a construction project. However, they still managed to post a profit & deliver ~91K vehicles.

2/ Q3'20 will (hopefully) have no such issues, and, per @TroyTeslike forecast, Tesla should achieve deliveries of ~145K (~60% q/q growth - massive!). This will have corresponding positive impact on EBITDA and NI profitability!

3/ Q4'20 will likely be even more massive, with @TroyTeslike forecasting ~185K deliveries (+65% y/y, +28% q/q). Revenues and EBITDA will scale even further!

4/ No one has yet fully grasped that this is coming – even most bulls! As Tesla swings to convincingly profitable in Q3, (even ex-reg credits), Model Y becomes the #1 selling crossover SUV, etc. *everyone* is going to want to own the stock.

5/ 2021 is going to continue this scaling trend, w/ further expansion of GF3 and Berlin coming online earlier than most expect. Plus, significant progress will be made at GFTX, and addl factories will be announced (China2, UK, Brazil, etc.). CT & Semi deliveries will start.

6/ Take a look at @ICannot_Enough's forecast. Tesla could deliver 1M+ vehicles in 2021 (2x 2020!), yielding ~$70B+ revenues & EBITDA of ~$18B (WS analysts are way below these forecasts, per usual).

7/ With these metrics, if $TSLA hit $3000/shr by late 2021, EV/2021 Rev would be around 9x (vs. 12x EV/LTM Rev today) and EV/2021 EBITDA would be around 36x (vs. 72x EV/LTM EBITDA today) - conservative based on current tech multiples!

8/ BUT: By late 2021, TSLA will be valued based on expectations for 2022, which will be much higher than 2021! Hence, I think it's definitely more than possible the stock could double to reach $3000/shr over the next 12 months!