• Shares of Tesla skyrocketed after the company reported third-quarter results Wednesday evening.

• The company’s forecast that auto deliveries will grow 20% to 30% next year caught the attention of Wall Street analysts.

• Tesla is “preparing for the next wave of growth,” Bank of America analysts said.

Tesla (TSLA) shares are rising a day after the company’s third-quarter results, which analysts at Wedbush called an “Aaron Judge-like performance.”

The company noted Tesla’s forecast of 20% to 30% growth in vehicle deliveries next year, “compared to street numbers in the 10%-12% range coming to market.” Wedbush maintained his Outperform rating and $300 price target, using the moment to compare Tesla to Judge, the slugger who put up mega numbers for the New York Yankees this season.

However, not every analyst is buying it. JPMorgan called the results a return to Musk’s “exuberant predictions,” which “may or may not serve as guidance.” The company’s own outlook is for 12% growth. JPMorgan maintained its Underweight rating but raised its price target from $130 to $135.

The electric vehicle maker posted third-quarter net income of $2.17 billion, or 62 cents per share, compared with $1.85 billion, or 53 cents per share, a year ago. That result exceeded analyst expectations as margins rose from 17.9% to 19.8%.

Shares of Tesla rose about 20% to about $257 on Thursday afternoon.

Bank of America analysts pointed to a number of potential things to watch in 2025. In addition to higher delivery volume growth, Tesla said it expects to begin production of its Semitruck and Cybercab.

The company also indicated it plans to launch a public ride app in Texas and California, with management expecting Tesla to be able to offer paid public rides next year, the bank said.

“The bottom line is that Tesla is preparing for the next wave of growth,” the bank said.

Bank of America raised its price target for Tesla from $255 to $265 and maintained its buy rating.

Read the original article on Investopedia.