(NASDAQ: TSLA) shares deserve to trade at a huge premium to Ford Motor's. Even Tesla bears agree on that. After all, Tesla's vehicle sales are growing much faster than Ford's. But what, exactly, should that premium be? And how fast will earnings grow in the coming years?

On these points, one analyst has an extremely different view from the rest of Wall Street. GLJ Research analyst Gordon Johnson's price target for the electric-car maker's stock is about 90% below where shares trade today, even though he's assigning a much higher forward earnings multiple to Tesla than to Ford. He just expects much lower earnings in the coming years, and a substantially lower valuation premium than the market is pricing in.

Johnson has a sell rating on Tesla stock and a 12-month price target of $23.53. He arrives at this price target by applying a price-to-earnings (P/E) multiple of 15 to his estimate of Tesla's earnings in 2025, then discounting that price back to today using a 9% discount rate. This is actually a huge premium compared to the P/E that Tesla's peers Ford and General Motors trade at: The two auto companies have P/E ratios of about 5.

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Source Fool.com