Tesla is headed for a new growth phase as Elon Musk is finally the 'adult in the room,' Wedbush says

• Tesla is back on track as Elon Musk is finally acting like the "adult in the room," Wedbush said. 
• Dan Ives pointed to Tesla's latest earnings call, in which the firm issued firm guidance on its strategy.
• Rolling out a low-cost EV next year will be key to Tesla's growth, he said.

Tesla stock could be headed for better days, thanks to Elon Musk finally stepping up as the "adult in the room" to calm investors as the company battles an array of headwinds, according to Wedbush Securities analyst Dan Ives.

Ives pointed to Tesla's first-quarter earnings call on Tuesday, during which Musk issued firm guidance on the electric vehicle maker's strategy going forward.

In particular, the company reiterated its guidance on the Model 2, a lower-cost electric vehicle that's set to roll out next year and has been eagerly awaited by Wall Street to help juice sales as demand wanes. The cheapr model will be key to Tesla's success, which will be centered on sales volume over the near term, Ives said.

"Last night in a much needed conference call Elon Musk finally stepped up as the adult in the room and laid the foundation for Tesla's growth strategy with most importantly a lower cost vehicle now slated for 2025 production and delivery," Ives said in a note on Wednesday. "We believe the next wave of the Tesla growth story and autonomous vision is now forming and that is what we are focused on for our bullish investment thesis looking ahead."

Those bullish catalysts come amid a "dark" time for Tesla, with the company battling what Ives described as a "Category 5 storm" as it faces weak demand and growing competition, especially in China. Tesla's first-quarter results were a "disaster," Ives added, though investors were expecting that after the company reported its lowest sales in two years. 

Despite near-term headwinds, Tesla is on a good track over the long run, Wedbush said. The company has a "golden vision" surrounding its full self-driving technology, which will be key to Tesla's strategy over the next decade, Ives added.

Wedbush maintained its outperform rating on the stock, but lowered the price target from $300 to $275 a share, implying a 90% upside from Tuesday's closing price.

Tesla stock surged in early trading on Wednesday, despite the company missing its revenue goal by nearly $1 billion over the last quarter. The stock was up 11% in early Wednesday trading.