Dougherty On Tesla: Harnessing Sun's Energy Represents Humanity's Next Great Leap Forward

In a report published Friday, Dougherty & Company analyst Andrea James maintained a Buy rating on Tesla Motors Inc (NASDAQ: TSLA), while raising the price target from $325 to $355. The company unveiled two energy storage products in April.

The analyst believes that "this technology company could drive forward human evolution, because harnessing the sun's energy represents humanity's next great leap forward."

"CEO Elon Musk asserted that it is possible to power the entire world's energy needs by harnessing solar energy and storing it. Tesla would provide the "storage," which has been the missing piece of the solar puzzle," James noted.

Related Link: Why Tesla's Battery Business Has It On The Right Path

Following discussions with several experts and companies, as well as a nationwide survey of 30 solar panel installers, the analyst believes that the company's entry into the grid storage market is likely to disrupt it, given that "Tesla's primary advantage is in offering a turn-key solution, at scale and at favorable costs."

The analyst expects Tesla to complete the installation of 80,000 Tesla Powerwalls and sell 75,000 Powerpacks in 2020.

"We believe this is a reasonable global estimate, given that about 645,000 homes and businesses already have solar installations today in the US alone, according to the Solar Energy Industries Association," James added.

Shares of Tesla traded recently at $248.29; shares are up more than 11 percent year-to-date.