Tesla stock has been struggling lately. Investors have hoped for a bounce as some of the politics driving increased uncertainty subsides. A rebound, however, didn’t materialize Monday as investors considered the possibility of a recession and a Wall Street analyst cut his forecast of deliveries.

UBS analyst Joseph Spak reiterated his 12-month Sell rating on Tesla shares on Monday, voicing considerable concern on the near-term demand outlook for the Model 3 and Model Y. He slashed his price target on Tesla to $225 from $259.

But one Wall Street analyst thinks the stock has dropped far enough. TD Cowen analyst Itay Michaeli just upgraded that firm's rating on Tesla stock to a "buy" and provided a massive price target increase from $180 to $388 per share, reports Barron's.