A lot of Tesla's stock price is betting on the future potential of the company's initiatives outside of traditional EV sales. Most recently, Elon Musk claimed that robotics could help Tesla's market cap get to $30 trillion, making it by far the most valuable company in the world.

Due to Tesla's innovation and diversification, 24/7 Wall St. sees strong upside potential for the stock by the end of the decade.

Tesla would need to grow earnings at a very high rate over an extended span to justify its current stock multiple.