One Wall Street analyst says Tesla stock has fallen far enough, and it's time to buy the stock now. A new price target implies nearly 50% upside for Tesla shares. Investors need to look beyond its EV business to justify owning the stock.

Tesla stock has been struggling lately. Investors have hoped for a bounce as some of the politics driving increased uncertainty among investor uncertainty subside. A rebound, however, didn’t materialize Monday as investors considered the possibility of a recession and a Wall Street analyst cut his forecast of deliveries.