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Wall Street analysts say that, for now, it looks like shares of Tesla are going to continue their upward trajectory after the company reported its second-quarter earnings results on Wednesday after the bell.
The automaker beat on both the top and bottom line but also recorded a fourth straight profit, making it eligible for inclusion in the S&P 500. The company also announced it would build its next Gigafactory in Texas and reaffirmed its 2020 delivery guidance.
While analysts appreciated the second-quarter earnings beat, most urged caution on a stock they say has come too far, too fast.
The shares, which are up 280% this year, have been on a massive run driven in part by short-sellers having to cover their bets and analysts revising their price targets upwards. In addition, Tesla announced higher-than-expected second-quarter deliveries back on July 2.
Tesla stock is up over 5% in premarket trading Thursday to $1,679.50.
Here's what Wall Street analysts are saying about the company's earnings report: