Tesla inventory () prolonged beneficial properties on Wednesday, rising greater than 6% as Wall Road weighed in on the electrical carmaker’s quarterly car supply outcomes that topped expectations. Tesla inventory has now gained greater than 70% since its most up-to-date low in late April.

Tesla this week introduced it produced roughly 411,000 autos and automobiles in the course of the second quarter, beating consensus estimates and .

And regardless of a year-over-year drop in deliveries, analysts had been bullish on the report and pointed to indicators the EV business could also be holding up better-than-expected.

“We proceed to see scope for bettering sentiment in Tesla shares in addition to broader EV sentiment as in contrast with the adverse sentiment we have now seen over the previous ~6 months,” Citi analysts wrote in a notice following the outcomes on Tuesday.

Dan Ives at Wedbush Securities mentioned in a notice the corporate’s deliveries marked a “main turning level” within the “Tesla bull case story.”

“The important thing for Tesla’s inventory is the Road recognizing that Tesla is essentially the most undervalued AI play out there,” Ives wrote, including the “Mojo again for Musk” as he raised his worth goal on the inventory to $300 from $275 with a brand new bull case of $400 for 2025.

Ives added the corporate’s Robotaxi occasion on August 8 “will lay the yellow brick highway to [full self-driving] and an autonomous future.”

Morgan Stanley’s Adam Jonas referred to as Tesla’s outcomes the “1st Optimistic Shock of the Yr,” noting the automaker delivered 33,000 models greater than it produced within the second quarter.

The analyst additionally highlighted a “present stealer” from its launch — Tesla’s vitality storage enterprise, which posted its highest quarterly deployment but. The enterprise, which incorporates , has been rising quicker than the EV phase, with a file revenue margin.

“Tesla began its Independence Day celebration early with a optimistic 2Q supply beat, 33k decrease stock and a big storage beat to remind buyers it is not simply an auto firm,” wrote Jonas.

His crew has an Chubby score on the inventory with a $310 worth goal.

Tesla has confronted stiff competitors overseas from its Chinese language counterparts and confronted some waning demand for EVs within the US. In an effort to scale back prices, the corporate launched into a plan to chop greater than 10% of its world employees earlier this 12 months in what some analysts noticed as a of robust occasions forward.

Throughout Tesla’s shareholder assembly final month CEO Elon Musk confirmed that near-term demand and gross sales would nonetheless battle considerably because the business goes by a transitionary interval.

The corporate additionally slashed costs final 12 months to spur gross sales.

“There may be nonetheless the danger of additional worth cuts forward, and there [are] nonetheless additional questions on fundamentals, we’re nonetheless going through considerably of an EV winter on demand,” Barclays senior fairness analysis analyst Dan Levy informed Lusso’s Information on Tuesday. “So, good consequence. However I feel the elemental macro backdrop remains to be the identical.” Levy has an EqualWeight score on the inventory and a $180 worth goal.

Ines Ferre is a senior enterprise reporter for Lusso’s Information. Comply with her on X at .