Tesla inventory (TSLA) prolonged features on Wednesday, rising greater than 6% after leaping 10% on Tuesday as Wall Avenue weighed in on the electrical carmaker’s quarterly car supply outcomes that topped expectations. Tesla inventory has now gained greater than 70% since its most up-to-date low in late April.Tesla this week introduced it produced roughly 411,000 automobiles and delivered practically 444,000 vehicles throughout the second quarter, beating consensus estimates and marking a rise from the primary quarter.And regardless of a year-over-year drop in deliveries, analysts had been bullish on the report and pointed to indicators the EV trade could also be holding up better-than-expected.”We proceed to see scope for enhancing sentiment in Tesla shares in addition to broader EV sentiment as in contrast with the unfavorable sentiment now we have seen over the previous ~6 months,” Citi analysts wrote in a be aware following the outcomes on Tuesday.Dan Ives at Wedbush Securities stated in a be aware the corporate’s deliveries marked a “main turning level” within the “Tesla bull case story.””The important thing for Tesla’s inventory is the Avenue recognizing that Tesla is essentially the most undervalued AI play out there,” Ives wrote, including the “Mojo again for Musk” as he raised his worth goal on the inventory to $300 from $275 with a brand new bull case of $400 for 2025.Ives added the corporate’s Robotaxi occasion on August 8 “will lay the yellow brick highway to [full self-driving] and an autonomous future.”Morgan Stanley’s Adam Jonas known as Tesla’s outcomes the “1st Constructive Shock of the 12 months,” noting the automaker delivered 33,000 items greater than it produced within the second quarter.The analyst additionally highlighted a “present stealer” from its launch — Tesla’s vitality storage enterprise, which posted its highest quarterly deployment but. The enterprise, which incorporates utility-scale Megapacks, has been rising quicker than the EV phase, with a document revenue margin.”Tesla began its Independence Day celebration early with a optimistic 2Q supply beat, 33k decrease stock and a big storage beat to remind traders it is not simply an auto firm,” wrote Jonas.His workforce has an Obese ranking on the inventory with a $310 worth goal.Tesla has confronted stiff competitors overseas from its Chinese language counterparts and confronted some waning demand for EVs within the US. In an effort to cut back prices, the corporate launched into a plan to chop greater than 10% of its international workers earlier this yr in what some analysts noticed as a sign of powerful occasions forward.Story continuesDuring Tesla’s shareholder assembly final month CEO Elon Musk confirmed that near-term demand and gross sales would nonetheless battle considerably because the trade goes by a transitionary interval.The corporate additionally slashed costs final yr to spur gross sales.”There’s nonetheless the chance of additional worth cuts forward, and there [are] nonetheless additional questions on fundamentals, we’re nonetheless dealing with considerably of an EV winter on demand,” Barclays senior fairness analysis analyst Dan Levy instructed Yahoo Finance on Tuesday. “So, good end result. However I feel the basic macro backdrop continues to be the identical.” Levy has an EqualWeight ranking on the inventory and a $180 worth goal.Unsold 2023 Mannequin X sports-utility automobiles sit at a Tesla dealership, June 18, 2023, in Littleton, Colo. (AP Picture/David Zalubowski) (ASSOCIATED PRESS)Ines Ferre is a senior enterprise reporter for Yahoo Finance. Comply with her on X at @ines_ferre.