Oppenheimer believes Telsa will meet its third-quarter targets for Model 3 production and profitability.
The firm reiterated its outperform rating for the electric car maker's shares, citing strong third-party August sales estimates.
Tesla shares closed slightly higher Thursday after CEO Elon Musk tweeted that the company was "1st, 2nd & 3rd in August sales," pointing to a report by InsideEVs.
"While Inside EVs' estimates are just that, estimates, we believe the service has been effective in identifying directional and order of magnitude trends on monthly shipments for Model 3 in lieu of verified data from the company," analyst Colin Rusch said in a note to clients Thursday. "We believe TSLA is tracking toward achieving its 3Q:18 guidance."