What happened

Adding to the stock's bullish run last week, shares of Tesla (NASDAQ:TSLA) shot higher on Monday, rising nearly 6% as of 11:15 a.m. EDT.

The stock's sharp increase on Monday comes amid two optimistic notes from analysts. One reiterated a buy rating, and the other upgraded his rating on the stock from neutral to buy.

Tesla's Model S, 3, X, and Y

Image source: Tesla.

So what

Baird analyst Ben Kallo, who reiterated a buy rating and a $340 price target for the stock, said Tesla is likely on track to meet its delivery volume guidance for its second quarter -- an outcome he believes will send the stock higher.

Tesla guided for 90,000 to 100,000 deliveries in Q2. The midpoint of this guidance range implies 133% and 51% year-over-year and sequential growth in deliveries, respectively.

Meanwhile, Roth Capital Partners analyst Craig Irwin upgraded his rating for the stock from neutral to buy, citing strong demand for Tesla's vehicles in China.

Now what

For the full year, Tesla expects to deliver 360,000 to 400,000 vehicles -- up from about 246,000 last year. But investors will need to see robust second-quarter deliveries from the automaker to believe these figures are achievable.

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