Tesla Inc.‘s growth potential in China means the stock is undervalued even after a recent rally, analysts at Piper Sandler Cos. said while boosting their target price by more than 30%.

Axar.az reports citing Bloomberg that Piper raised its target to $553 from $423, making it one of the most bullish among forecasters tracked by Bloomberg. The stock has doubled in the past three months, closing at a near-record $481.34 on Thursday.

The electric-vehicle maker started delivering its China-built Model 3 sedans to local customers this week, a year after its first factory outside the U.S. broke ground. Tesla’s sales in China are set to double to 225,000 cars next year from 112,000 in 2020, Piper estimates.