Amid the carnage that is Tesla's stock price headed into 2023, a Wall Street bull has emerged with a reminder to all that the company remains a longer-term sustainability play.

"When we look over the next six to 12 months, and over the next multiple of years, it's actually pretty positive for Tesla. They have an incredibly strong balance sheet to weather a recession. And on the other side, they are destined to increase their leadership in EVs, which we think are on the cusp of really penetrating penetrating the overall auto market," Canaccord Genuity analyst George Gianarikas told Yahoo Finance Live (video above).

In a new note to clients, Gianarikas called Tesla (TSLA) a sustainability "behemoth" — pointing to leadership positions in EVs and in solar with SolarCity. The analyst sees fair value for Tesla's stock at $275, up sizably from its current price of $123 in midday Friday trading.

Gianarikas acknowledged, however, that the near-term is uncertain on Tesla.

"The near-term is incredibly uncertain. But it's being reflected in the stock. Sometimes stocks tend to bottom before the fundamentals do. So when we look out to the long-term, there is a lot of earnings power here. The company has lots of growth vectors, whether it's EVs, semis, robotics — we are very positive in the long-term," Gianarikas added.

 

To be sure, many other investors and analysts have lined up against bullish takes on the one-time popular momentum trade of Tesla this year.

The stock has plunged around 65% year to date, and 26% in the past month alone amid demand concerns and Musk's unpredictable leadership over at Twitter. This week brought news Tesla will offer $7,500 discounts on Model 3 and Model Y vehicles delivered in the U.S. in December — an unexpected development that further pressured the stock price.