Goldman Sachs says it is still bullish on Tesla, even despite the sharp sell-off in the last month.

Goldman Sachs analysts wrote in a new paper, “We believe that Tesla, given its leadership position in EVs (including its vertical integration and tight coupling of hardware and software, as well as its ecosystem of charging stations and brand), and its focus on clean transportation more broadly (given its solar and storage businesses) will be best positioned to capitalize on the long-term shift to EVs.”

Goldman gave the stock a buy rating, with a $305 price target, reflecting a 45% upside from its current price.

The analysts added. “We expect Tesla to expand margins in the medium term as it ramps the important Model Y product as well as new factories in Berlin, Germany and Austin, Texas, and in the long-term as it increases its mix of software revenue.”

Goldman’s analysis comes during a rough patch for the EV maker, and its CEO. Over the last month, shares have fallen 28%, as stocks over all were weighed down by fears of the Federal Reserve, as well as the threat that any Fed-induced recession could cause potential buyers of high-ticket EVs to pull back.

Along those lines, auto sales were down slightly in the retail sales report for September released Friday, which reinforced recent data from Ford and Carmax.

Goldman’s analysis was also supported by Tesla-bull Cathy Wood, who said in an interview, “Certainly all stocks are experiencing difficulty in this environment as the market tries to understand how far the Fed is going to go and how deep this recession is going to be. So Tesla is a solution to the problem. We think that gas-powered vehicles are going to be obsolete within the next 5 to 10 years. And the traditional auto industry has to figure out a way to migrate into electric vehicles and into the next big phase, which we think Tesla is leading, the autonomous taxi platform phase.”