Tesla (NASDAQ: TSLA) shares surged nearly 5% Tuesday morning, getting a boost from some recent electric vehicle (EV) sales data. The stock also received support from a bullish call by a Wall Street analyst.

Tesla stock is down around 19% since hitting a record high last month, but a top analyst just raised his price target while hiking the bull case scenario to $800 per share, with the EV giant's "network services" making up the largest bulk of the current value.