Tesla's (TSLA) stronger-than-projected Q2 deliveries mark "a huge comeback" by the electric vehicle maker, with the worst now likely in the rearview mirror for the company, Wedbush Securities said Tuesday.
Tesla said Tuesday it delivered 443,956 vehicles in Q2. Wall Street was looking for around 438,000, according to Wedbush.
"This was a huge comeback performance from Tesla and [Chief Executive Elon] Musk, with the Street expecting a clear miss this quarter with EV demand still choppy globally," Wedbush analysts, including Daniel Ives, said in a note to clients. The company likely saw a "mini rebound" in China, the analysts said.
"This good 2Q performance is just the appetizer to the main event in our view which is RoboTaxi Day on August 8th to unleash the next part of the Tesla autonomous story with all the Street watching," the analysts said.
Wedbush maintained its outperform rating and a $275 price target on the Tesla stock.
The company's shares were up 9.4% in recent trading.
Price: 229.58, Change: +19.72, Percent Change: +9.39