Shares of are down roughly 10% from last month’s high and caught between two increasingly vocal camps.

The bulls see a company on the verge of a transformational rerating as its ambitions in autonomous driving, robotics, and energy move from theory to reality. The bears, on the other hand, see a stock that remains eye-wateringly expensive relative to its actual earnings.

For most of the past year, JPMorgan sat firmly in the second camp, holding one of the most bearish price targets on Tesla stock, until an analyst at JPMorgan took a fresh look at the firm’s coverage of Tesla.

Rajat Gupta wasted little time in delivering a major reset, lifting JPMorgan’s price target from $145 to $475 and upgrading the stock from Underweight. The…