Evercore ISI is offering up an alternative way for investors to take a look at Tesla shares after the electric vehicle giant reported its first-ever drop in annual delivery numbers . “A bet on TSLA is an increasing bet on [full self-driving]/ Optimus w/ $600Bn-$1Trn now implied for ‘call options,'” wrote analyst Chris McNally, as he increased the firm’s price target to $275 from $195 share. The new target still implies 27% downside from Thursday’s close. The firm views the stock as a call option on these future technologies, regarding Tesla as a “tale of two stocks” when dividing up its core auto business and technological advancements such as autonomous driving and robotics. According to the firm, CEO Elon Musk’s close ties to the incoming White House administration and friendship with President-elect Donald Trump should bode well for Tesla and help clear the path to regulatory approval. The stock has already fared well in recent months, hitting fresh highs in the wake of Trump’s victory. Since the election, shares are up 57%. “DJT presidency may lead to lower regulatory risk for AV/AI in general and thus quicker commercialization for the industry,” McNally wrote, noting that the call option basket has risen to $900 billion and the market is pricing in a 50% chance of success.