• Tesla shares fell again on Monday as investors reacted to another wave of price cuts.
• ARK Invest has a $2,000 price target on Tesla, implying a 1,300% stock price increase by 2027.
• Tesla reports earnings after the bell on Tuesday.

With Tesla reporting earnings on Tuesday, even the biggest Tesla bulls are expecting some letdown.

"I wouldn't be surprised about some short-term upsets," Tasha Keeney, ARK Invest's Director of Investment Analysis, told CNBC's Last Call on Monday. "But I think the long-term story is EVs are here to stay."

ARK Invest's current price target for Tesla stock is $2,000 by 2027. This aggressive projection implies an upside of 1,300% from Tesla's closing price of $142 on Monday.

The electric vehicle maker's shares fell for the seventh consecutive session on Monday after cutting prices on several models, sending the stock to a 15-month low.

"Tesla's prices are so competitive," Keeney said. "It's going to be very hard for any other company to catch up to them at this point."

Keeney emphasized that ARK Invest is focused on the long-term innovations Tesla is poised to capitalize on -- like robotaxis.

"It's single-handedly pushed forward the electric vehicle industry. I think it's going to do the same for autonomous driving," Keeney said. "So that's what we're focused on — that long-term story."