Tesla Inc. (TSLA) stock is off and running out of the gate this morning after one perma-bull raised his price target for what he sees as the company’s biggest competitive advantage. He believes that the EV maker’s Supercharger infrastructure and Gigafactory combine to create that advantage: EV infrastructure.

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However, another firm also weighed in on Tesla Inc. stock this week, but its analysts seem to see production problems with the Model 3 as a concern that outweighs the EV maker’s advantages. In short, it appears that Morgan Stanley is pitted against Barclays in this latest round of the bulls versus the bears over Tesla stock.

Morgan Stanley analyst Adam Jonas has an Equal-weight rating on Tesla Inc. stock, but he’s actually a perma-bull despite that rating. He boosted his price target from $317 to $379 in a note to investors on Tuesday, citing the automaker’s charging infrastructure.

Tesla Inc. aims to have about 10,000 Superchargers by the end of this year, although Jonas said the company had only 6,246 as of Aug. 17. It’s unclear how many Superchargers are under construction currently, but he actually expects there to be 15,000 “destination chargers” by the end of this year. In addition to those chargers, the automaker has 149 wholly-owned-and-operated service centers, 301 stores and galleries, and the Gigafactory in Reno. Jonas estimates that Tesla has allocated almost $8 billion to its manufacturing, servicing and charging infrastructure.

According to him, infrastructure is the greatest “elephant in the rom” when it comes to EVs. He feels that this issue will increase in importance dramatically in the next few years, especially since it could be “the single most important physical bottleneck preventing widespread EV adoption.”

Tesla Inc. stock snapped its five-session winning streak on Monday after a handful of negative reports. The company admitted earlier this month that it was having some serious “production bottlenecks” with the Model 3. Tesla Inc. said it delivered 26,150 vehicles during the third quarter, including only 220 Model 3 cars, while consensus was looking for 25,860 total deliveries, including 1,260 Model 3 cars.

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