With a trailing-10-year return of 2,560%, it goes without saying that (NASDAQ: TSLA) has been one of the best investments anyone could've made. Even this year, shares are up a whopping 98%, crushing the broader market by a wide margin.

This electric vehicle (EV) stock currently trades 41% below its peak price of $410, which was established in November 2021. But some bullish investors might have their sights set on $500 per share. This lofty target would imply a more than 100% gain from today's price.

Tesla's stellar past performance means that this milestone might not be out of the question, even as soon as 2024. Let's see what needs to happen for the stock to hit $500 by the end of next year.

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Source Fool.com