After Goldman analyst Patrick Archambault put out a bearish note about Tesla, the stock closed the day down 14.3%.
But Cole Wilcox, CEO of Longboard Asset Management, knows exactly what Goldman’s missing in their analysis. He released a presentation in May saying that the stock was going to $200 a share, and spent last weekend with Elon Musk and hundreds of Tesla owners/evangelists outside San Jose.
It was the first annual meeting of “TesLive”— think of it as a Tesla Woodstock, summer of love type of thing.
That’s where Wilcox saw what he calls a “feedback loop.” When asked whether or not they had sold a Tesla to a friend, every Tesla owner present raised their hand — every single one. Some had sold more than one car to their friends.
“I just think that guy is out of his mind,” Wilcox said of Archambault.
Part of what Goldman questioned in their note was demand, but Wilcox counters that saying that Goldman is missing the “fanatical” Apple-like evangelism among Tesla owners, and how big it’s going to be in the next 5-10 years.
So get with the loop.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.