Tesla Motors Inc CEO Elon Musk has lost more than $1 billion on his holdings in the company just in the last month, but come next year, Tesla shares are expected to spike by around 30% based on the average analyst price target of $269.25, according to data compiled by FactSet. Only Wynn Resorts shares are expected to have a bigger rally among the stocks in the NASDAQ 100 Index, says a report from CNBC.

Tesla Motors Inc Shares To Make A Comeback In 2015

Analysts bullish on Tesla

With dropping gas prices, Tesla shares are on the decline, however, analysts are bullish on Tesla, noting that the company is pursuing a high-end technology story and not an alternative energy story. A total of five analysts backed Tesla with their price target, including Pacific Crest’s Brad Erickson, who expects a 48% rally in the share price to $316 over the next 12 months.

Erickson said in a report on Thursday, “While TSLA is a momentum stock, investors have been baking in that lower oil prices will be certain to reduce demand for electric vehicles, regardless of pricing.”

Shares of the company surged to $290 in September before the crash in oil prices, and analysts are expecting a stabilization in oil prices and in the EV maker’s stock in 2015. It is being estimated that Google Inc, Apple Inc. and Priceline Group Inc will lag Tesla in 2015, according to the data.

Tesla and oil moving along

Tesla CEO Elon Musk holds around 28.3 million of shares of the company, according to regulatory filings, which was worth $6 billion based on Thursday’s stock price. Musk shares were worth $7.2 billion last month.

In addition to declining oil prices, it is believed the delay in the launch of Model X is also to blame for Tesla shares toppling. The company announced a delay in the release of the Model X in its the third quarter earnings report.

In the tech-heavy NASDAQ 100, Tesla has been the second-worst performer since the oil slide last month. Wynn Resorts was the worst performer. It is interesting to note that Tesla’s share price never had a relationship with oil until now. Over the past two years, the EV maker had a .12 correlation with crude, according to Kensho (a quantitative tool used by hedge funds).