There's a new biggest Tesla bull on Wall Street — and he expects the stock to surge 23% in 2020

There's a new big Tesla bull on Wall Street. Jed Dorsheimer, an analyst at Canaccord Genuity, raised his price target to $515 from $375 on Thursday, saying the electric-vehicle trend will "only accelerate in 2020."

Shares of Tesla rose nearly 2% in early trading Thursday. Dorsheimer's updated price target represents a more than 23% gain from where Tesla was trading, at about $418 per share.

It's one of the highest price targets for the automaker from a major brokerage, falling just short of the Street high price of $530 from Pierre Ferragu at New Street Research. Dorsheimer maintained his "buy" rating on Tesla.

The updated price target came ahead of Tesla's fourth-quarter delivery report, due next week. Dorsheimer said he thinks it will yield positive news — he expects that Tesla will have delivered enough units to bring its yearly total to 396,000 units, above the company's guidance that it would deliver 360,000 in 2019.

"While bears have feared demand issues as a function of tax credit expiration for Tesla, we suspect a solid Q4 combined with the robust Q3 should put these fears to rest," Dorsheimer wrote.

Other Wall Street analysts also expect solid delivery numbers from Tesla. Daniel Ives of Wedbush wrote in a Thursday note that US consumer demand for the Model 3 and strength in Europe should help Tesla exceed its delivery expectations. If it has delivered more than 360,000 vehicles in the year, it would be a 45% increase year-over-year, Ives wrote.

The higher numbers have sent Tesla shares soaring since hitting a year low in June. The stock rebounded and rallied through year-end, even trading above $420, the level at which CEO Elon Musk had tweeted that he'd take Tesla private.

"While part of this recent rally has been a massive short covering, it has also been driven by underlying fundamental improvement as the company's ability to impressively not just talk the talk but walk the walk has been noticed by the Street and the optimism around the story has grown markedly from the dark days seen earlier in 2019," Ives wrote.

Wall Street analysts have a consensus price target of $301.83 on Tesla and 11 "buy" ratings, 10 "hold" ratings, and 15 "sell" ratings, according to Bloomberg data.