Analysts have started giving Tesla (NASDAQ: TSLA) stock higher price targets after it revealed a successful first quarter in its first earnings report of the year.

The most bullish change seemingly came from the German-based Deutsche Bank, which raised the automaker’s price target from $510 to $850 per share, without moving its “hold” rating. Piper Sandler, while not moving its target too much, was the most bullish on TSLA, changing its target to $939 from $819.

Roth Capital tuned down its bearish prediction to raise Tesla’s price target from $250 to $350, maintaining a potential downside for TSLA stock. Credit Suisse, on the other hand, moved its price target to $700, up from $580.

According to the Lincolnian,  the Center for Financial Research and Analysis (CFRA) has upgraded its rating on Tesla from a “sell” to a “hold.” TSLA shares have hit a new all-time high earlier this year of $917.4, but soon after the coronavirus-induced market crash hit the shares dropped to little over $360.

Those who bought the dip are now in the green, as Google data show TSLA is trading at $779.3, as it has been steadily recovering since hitting its lows.

tsla.pngSource: Google

The rebound came partly thanks to initiatives from the electric vehicle maker, and even after Tesla’s CEO Elon Musk tweeted out he believes that Tesla shares are overpriced. Analysts likely upped their price targets for TSLA over the company’s positive performance in the first quarter of the year.

As CryptoGlobe reported, Tesla’s investors were expecting lower numbers in the first quarter because of the forced closures of several vehicle and solar production plants. The company’s first quarter results showed Tesla earned $16 million and generated $5.985 billion in revenue over that period, benefiting from improved margins and reduced operating expenses.

Tesla’s stock, as covered, it already up around 90% year-to-date while other automakers have fallen behind. Some analysts, however ,are still rather bearish on the automaker. Gordon Johnson, co-founder and CEO of research boutique GLJ Research, has revealed the firm has a $70 price target for TSLA stock.

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