Argus analyst William Selesky upgraded Tesla to Buy from Hold and set a $444 price target on the shares. He noted that Tesla has been getting 1,800 Model 3 orders per day without any advertising or marketing so far.

While he notes the ramp-up of the mass market vehicle will lead to increased labor and overhead costs he expect those to diminish over the course of next year. Selesky now expects Tesla to reach break-even two quarters earlier than he'd previously forecast and sees the company achieving full-year profitability in FY19.