JP Morgan raised its price target on Tesla Inc. stock

to $335 from $325, after the electric car company posted quarterly deliveries that were above its forecast. Tesla said it delivered 310,048 vehicles in the quarter, 0.8% below the company’s own expected but “modestly higher” than the 293,500 that JP Morgan analysts had forecast. Analysts led by Ryan Brinkman said they were raising their full-year forecast to 1,262,798 units, up from 1,246,250 but still below company-compiled consensus of 1,446,254, “having chosen to incorporate the 1Q beat vs. our model but not flow through the stronger trend to subsequent quarters, given reduced visibility into both supply (increased supply chain stress following the Russian invasion of Ukraine and increasingly stringent COVID-19 restrictions in China expected to impact many manufacturers) as well as well as price, given battery metals cost inflation, which we expect to translate into higher prices for EVs going forward.” EV demand remains strong and is expected to benefit from the recent surge in gas prices , wrote Brinkman. “This was an *exceptionally* difficult quarter due to supply chain interruptions & China zero COVID policy,” Tesla chief executive Elon Musk tweeted Saturday morning. Tesla shares were up 0.7% premarket and have gained 64% in the last 12 months, while the S&P 500

has gained 13%.

This story originally Appeared on Yahoo