What happened

Shares of Tesla (TSLA -12.34%) popped on Monday, rising as much as 4.5%. As of about 10:30 a.m. EDT, however, the stock was up 3.3%.

The growth stock's gain comes as Deutsche Bank analyst Emmanuel Rosner released a note to investors saying that the stock's sell-off on Friday created a good buying opportunity.

Tesla vehicle production at the company's factory in Fremont, California.

Tesla factory. Image source: The Motley Fool.

So what

Shares of Tesla declined more than 7% last Friday, following the electric-car maker's latest update on vehicle deliveries and production. Though the record 139,300 deliveries Tesla reported during the third quarter were slightly ahead of analysts' average estimate, they may have been underwhelming to some investors -- particularly since the stock has been on a tear over the last 12 months, leading to high expectations.

The analyst noted that the deliveries were "robust" and that they prompted him to increase his revenue forecast for Q3 from $8.2 billion to $8.3 billion.

In September, Rosner increased his 12-month price target for Tesla stock from $400 to $500 and changed his rating from hold to buy. The analyst reiterated this buy rating today. 

An upbeat morning in the overall market likely helped Tesla stock Monday morning as well. The S&P 500 was up more than 1% as of this writing.

Now what

Next, investors will look to see if management reiterates its guidance for a total of 500,000 deliveries in 2020 when Tesla reports third-quarter earnings late this month or early next month. To achieve this guidance, the company will need another period of record deliveries. Tesla has delivered about 319,000 vehicles so far this year.