Shares of electric-car maker Tesla (TSLA -6.32%) popped on Monday, rising 2.3% as of 10:45 a.m. EDT.
The growth stock's sharp gain was likely due to high demand for shares ahead of the company's earnings report this week, as well a bullish note on the stock from Wedbush analyst Daniel Ives.
Ives, who has an outperform rating and a $1,000 price target on Tesla stock, said he expects revenue and earnings per share for the automaker's third quarter to be higher than analysts' consensus forecasts for the two metrics. His confidence follows the company's announcement of third-quarter deliveries earlier this month. Quarterly deliveries blew past estimates, soaring 73% year over year to more than 241,000. This set the company up for strong top- and bottom-line growth, according to Ives.
Tesla is scheduled to report its third-quarter earnings after market close on Wednesday, Oct. 20.
Analysts, on average, are expecting revenue of $13.7 billion and adjusted earnings per share of $1.55. Of course, investors will also be looking to see how vehicle deliveries seem to be trending since Tesla reported its third-quarter deliveries. One way to do this is to see if management provides any commentary on how orders are faring. Additionally, investors can look to see if Tesla revises its guidance for full-year deliveries higher. Previously, management was guiding for more than 750,000 deliveries this year. But based on Tesla's recent deliveries, this view now seems conservative.