Tesla, Inc. (TSLA  ) stock hasn't taken off vertically notwithstanding the strong recovery seen this year. But sentiment could radically change with the launch of the Cybertruck, says a fund manager.

What Happened: With surging global electric vehicle adoption, the Cybertruck launch, and the next-gen EV at the $25,000-$35,000 price point, full-self driving achieving level 4 autonomy, Tesla's long-term fundamentals remain "excellent," said Future Fund co-founder and Managing Director Gary Black.

The fund manager expects Tesla deliveries to leapfrog from 1.85 million in 2023 to 10.2 million by 2030, suggesting a 28% compounded annual growth rate. The earnings per share will likely soar from $3.60 in 2023 to $24 by 2030, he added.

"We continue to view Cytruck launch ("rolling billboard") as similar to Model Y launch in 2020 and expect it to ignite interest in the entire TSLA franchise," Black said.

Applying a 30 times price/earnings multiple, Tesla's stock will catapult from around $233 currently to $720 by 2030, the analyst said. This is worth $320 today, suggesting potential for a 38% upside from that level, he added.

Why It's Important: Tesla's fundamentals have faltered amid a rising rate environment as cash-strapped consumers held back on EV purchases. This prompted the company to lower prices, which gave rise to a different set of problems such as a dent in the margin.

Tesla CEO Elon Musk and his team contend that the company's manufacturing efficiency and vertically-integrated nature position it well to absorb any kind of margin shock.

A lack of variety in Tesla's product lineup to cater to all segments of potential customers have also contributed to weakness, especially in China, one of the company's key market.

With the launch of the Cybertruck and a budget model EV, things could look up for Tesla.

In premarket trading on Wednesday, Tesla stock rose 1.26% to $236.13, according to Benzinga Pro data.