The launch of Tesla's Cybertruck Thursday will remind investors of the EV maker's dominance and help propel it toward a $1 trillion market valuation, according to Wedbush.

In a Tuesday research note, tech analyst Dan Ives said the vehicle's debut would be a "big moment" for Elon Musk's company, maintaining his 12-month stock-price target of $310.

Tesla's market capitalization would climb to $996 billion if shares hit that level, by Business Insider's calculations.

"Launching Cybertruck is important for the broader Tesla growth story over the coming years and also will prove to the doubters that Musk can successfully expand the Tesla halo effect as more consumers head down the EV path," Ives wrote.

The new product is unlikely "move the financial needle" for the EV maker in 2024 but will demonstrate to investors "the innovation and mind share lead that Tesla has built" versus legacy automakers, he added.

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