Shares of Tesla (TSLA -1.44%) edged higher on Monday. The electric-car maker's stock climbed as much as 2% at one point during the trading day.
The growth stock's gain came was likely due to both a bullish day in the overall market and an upbeat note from an analyst who covers the Tesla shares.
Wedbush analyst Daniel Ives, who has an outperform rating on Tesla stock and a $1,000 12-month price target, said that the company's aggressive efforts to add manufacturing capacity are well-timed -- just as demand for fully electric vehicles appears likely to increase significantly.
Ives specifically cheered Tesla's new factories in Austin and Berlin, which the automaker has said will begin making cars before the end of the year. The two factories' production ramp-up will coincide with Wedbush's expected acceleration in electric-vehicle demand over the next year to year and a half.
Capturing the upbeat day for the overall market, the S&P 500 and the Nasdaq Composite were both in the green at time of this writing, though their gains were only slight.
Tesla recently announced record third-quarter deliveries, which were up 73% year over year. But the company hasn't released its earnings report for the quarter yet.
Investors will likely get more insight into how Tesla's progress is going at its new factories in Austin and Berlin when the company releases its third-quarter shareholder letter on Oct. 20.