By Ben Levisohn

The key to going fast is to “speed smart cause we don’t want to wreck,” Daniel Johnston sang in “Speeding Motorcycle.”

And that’s what makes the 18% selloff in Tesla shares during the past month of trading a great buying opportunity, says Global Equity Research’s Trip Chowdhry.

He explains why:

• Investors with mid-to-long-term investing horizon, should build position in Tesla – Weakness is a buying opportunity:
• Fundamentals of the company are strong, customer interest in Tesla’s product is extremely high…
• When we were in the line for the test ride, at 8:00 PM [at Tesla’s Oct. 9 presentation], the delivery date for Model D’s was December’2014….but when we completed the test drive, about 45 min later, the delivery date for Model D’s was already moved to February’2015…
• Reiterating overweight Rating on Tesla Motors shares and our 12 – 18 months price target of $385. Our 12 – 18 months price target is based on Revenue multiple of 9xFY2015 estimates of $6.2 Billion.