If you're looking for an investment in the auto industry, Tesla (NASDAQ: TSLA) is a "must-own stock," according to Piper Jaffray. The investment bank boosted its target price for Tesla's shares from $372 to $423 on Tuesday. Analyst Alexander Potter believes that the electric-vehicle maker's new Cybertruck could be a key growth driver in the coming years. Piper Jaffray thinks Tesla's new Cybertruck will be a big hit. Image source: Tesla. "First things first: Tesla's Cybertruck is awesome," Potter said. After initially doubting that Tesla could effectively penetrate "the auto industry's most impenetrable segment," Potter now expects Tesla's new electric truck to be a top seller among pickup trucks. "The more we looked, the more we began considering the possibility that all other pickup trucks might actually be pretty crummy, and that Tesla's Cybertruck is the only pickup worth ordering," Potter said. In turn, Potter estimates that Tesla could conceivably sell 200,000 Cybertrucks annually in the U.S. by 2023. Additionally, Potter predicts that Tesla's share of the U.S. luxury sedan and luxury sport utility vehicle markets will rise to 21.5% and 20.5%, respectively. Potter also forecasts that the automaker's vehicles will eventually account for 9% of luxury sedan sales and 12.5% of luxury SUV purchases in China. Piper Jaffray's new price target for Tesla's stock reflects these possibilities. 10 stocks we like better than TeslaWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has quadrupled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Tesla wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 1, 2019 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy.Source