As Tesla (TSLA) shareholders vote on CEO Elon Musk's compensation package, CFRA research analyst Garrett Nelson joins Morning Brief to lay out his bull case on the EV company.

"You look back at his 2018 compensation plan, it was entirely incentive-based. There was no salary, and he's really delivered for shareholders over the last 5 to 6 years. And so I think that's why you've seen, just this week, a number of very large investors come out in favor of this because Elon's incentives are really aligned with the interests of shareholders," Nelson states. He notes that retail investors are overwhelmingly in support of Musk, leaving him needing a fraction of support from institutional investors which Nelson says, "it appears that he has gotten."

Nelson reiterated his Buy rating on Tesla and moved its price target to $230 from $200, explaining, "I think the past five or six years have been about volume growth, and the next five or six years are really going to be more about AI and Elon delivering on this promise of fully autonomous driving. In our view, Tesla is leading the autonomous driving race and is going to get there first in terms of fully autonomous driving."

Follow along with Yahoo Finance's coverage of Musk's pay package saga:

Musk pay package: What's incentivizing shareholder votes
Elon Musk's $46B Tesla pay package: Explained
Poll: Should Tesla shareholders once again bless CEO Elon Musk's pay package proposal?
Musk's Tesla pay package is 'excessive' and should be voted down, shareholder advocate says
Most CEOs are defeating attempts to vote down their pay. Can Tesla's Elon Musk do the same?

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This post was written by Melanie Riehl