Morgan Stanley might be talking a bear case price target of $10 on Tesla (TSLA +1%), but undaunted Ark Invest is still talking huge targets in a research note. “Even if full autonomy turns out to be ‘science fiction’ and Tesla cannot produce an autonomous car, ARK estimates that the electric vehicle opportunity alone would boost its stock 2-6 fold from $195 today to $560-$1,200 by 2023. If Tesla does solve for full autonomy, however, and its electric vehicle production surpasses our bear case estimates, TSLA could scale significantly higher than our previous $4,000 price target during the next five years, thanks to our newly introduced bull case for electric vehicle volumes,” write analysts Tasha Keeney and Sam Korus. Ark’s math: “At an average selling price of $48,250 (today’s ASP), Tesla’s EV revenue would total $82 billion at 1.7 million units and $145 billion at 3 million, respectively, in 2023. In the bear case, gross margins would average 25%, which is Tesla’s guidance, while selling, general, and administrative costs (SG&A) average 10% of sales, comparable to that of other premium auto companies even though its overhead should be mu...