Despite Tesla's gravity-defying surge so far in 2020, the stock has more room to run, according to a Monday note from Piper Sandler. Sandler increased its price target on Tesla from $939 to a street-high $2,322, implying potential upside of 55% from Monday's close. The firm employed a 20-year discounted cash flow model to generate the price target, and credited Tesla with first-mover advantage and software potential as reasons to stay long the stock. In response to the note, Tesla CEO Elon Musk tweeted, "Wow." Tesla has seen a surge in trading activity as investors speculate that the electric car company may be on the verge of being eligible for inclusion into the S&P 500 index. Visit Business Insider's homepage for more stories. Tesla's gravity defying rally so far in 2020 is set to continue, according to a note from Piper Sandler published on Monday. The firm more than doubled its previous price target from $939 to a Wall Street-high $2,322, implying 55% upside from Monday's close.See the rest of the story at Business InsiderNOW WATCH: Why American sunscreens may not be protecting you as much as European sunscreensSee Also:Elon Musk is now officially richer than Warren Buffett.