Tesla Displayed 'Phenomenal Execution' On All Fronts

According to Trip Chowdhry of Global Equities Research, Tesla Motors Inc TSLA reported a "blow-out" figure when it announced its Q3 deliveries.

Tesla said it delivered 24,500 vehicles in the quarter, which proved to be "way ahead" of Chowdhry's "most optimistic estimate" of 22,000 deliveries, marking a "phenomenal execution on all fronts." The analyst noted that the Q3 delivery figure is "significantly" higher by 111 percent year-over-year and serves as further justification for his Overweight rating on the stock with $385 price target.

Chowdhry noted Tesla indicated it has 5,500 vehicles in transit to customers, which exceeds its prior record high of 5,150 vehicles in transit.

Related Link: Tesla Beats Delivery Estimates, Baird Reiterates $338 Price Target

Meanwhile, Tesla's production ramp to 25,158 vehicles is "solid" and "clearly" indicates the company has reached its weekly production target of 2,200 auto units per week and on track to achieve or meet its fourth quarter target of 2,400 auto units per week.

Finally, Chowdhry noted that Tesla is the only company in history to grow more than 70 percent on a revenue base of $8 billion. In fact, even Amazon.com, Inc. AMZN's powerhouse unit AWS failed to achieve this accomplishment.

Shares of Tesla were trading higher by nearly 4 percent at $204.03 before Monday's opening bell.