JMP Securities raised its price target for Tesla (NASDAQ: TSLA) to $788 from $516 as it believes the electric vehicle market will grow faster than the firm had previously anticipated, and that Tesla would take a big part of it.

The electric vehicle market is booming, giving analysts the impetus to rethink their forecasts. JMP Securities analyst Joseph Osha wrote that he raises Tesla's 2025 delivery target from 2.5 million to 3.05 million. He believes that total battery electric vehicle deliveries in 2025 could account for 15.7% of global vehicle sales. Previously, he assumed that by this time that this share would only be 14%.

Osha wrote that he estimated Tesla would be able to control about 45% of the BEV market, excluding about 70% of China's EV sales, which would be down from 54% currently, he noted.

The analyst compares Tesla to other category-killer manufacturers that have made huge changes to the market, such as Apple and Nvidia.

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