Tesla's share price was up by as much as 2.6% this morning and had gained 0.7% as 12:06 p.m. ET.
Deutsche Bank analyst Emmanuel Rosner raised his price target from $1,200 to $1,250 for Tesla's stock and maintained his buy rating for the EV maker.
The Fly reported that Rosner increased Tesla's price target after the company reported strong first-quarter results earlier this week, in which Tesla beat analysts' consensus top- and bottom-line estimates, despite a challenging operating environment.
Rosner added that even though Tesla is experiencing some manufacturing headwinds because of COVID-19-related shutdowns in Shanghai, he still believes the company will be able to deliver nearly 1.5 million vehicles this year.
Tesla investors have a lot to celebrate right now. The company reported earnings per share of $3.22 in the first quarter, compared to analysts' consensus estimate of $2.26. And the company's first-quarter sales of $18.8 billion easily outpaced Wall Street's expectation of $17.8 billion.
While the EV market continues to become more crowded with competition, Tesla's recent quarterly results helped prove that the company is nowhere near finished growing. And with its stock receiving a price target upgrade today, investors are sure to be even more optimistic about the company's future.