Credit Suisse analysts Dan Galves, Shreyas Patil and Yehudi Baptiste issued a research note today, whereby the analysts elevated their 12-month target price on Tesla Motors Inc. (NASDAQ:TSLA) stock to $280 from $240 and reiterated an Outperform rating on the stock.

The upgrade in stock price by Credit Suisse analysts comes after the Palo-Alto, California based upscale electric car manufacturer revealed the delivery numbers for first quarter of 2016. The car maker delivered 14,820 vehicles over the first quarter, missing its guidance of 16,000 by over 7%. It is not the first time Tesla has missed its deliveries guidance; rather it has had a history. Out of the 14,820 vehicles delivered, 12,420 were Model S while Model X were 2,400.

The analysts mentioned in their report that the company experienced a noticeable shortage of components which were to be installed in its Model X – an all-electric Sports Utility Vehicle (SUV) which was launched previous year. Tesla believes that the shortage of components in January and February of this year, which lasted for longer than it had estimated, is the primary reason for the shortage in vehicle deliveries.

Although the shortage issue was resolved in late March, but the uptick happened too late and it was still difficult to achieve the target, however the management at Tesla has reiterated their full-year 2016 guidance of vehicle deliveries of 80,000 to 90,000.

Tesla mentioned in its press release that Model X production was outstretched to 750 per week by the end of Q1. When the automaker published the earnings release for 4QFY15, it shared its projections that over Q2 the production of Model X would be 700-800 a week and it would end Q2 with 1,000 Model X being produced each week. Back then, the car maker faced a lot criticism and analysts were doubtful, however with the latest production numbers being released, the Model X production seems to be on track as Tesla is already at the Q2 average.

Tesla Motors Inc. stock received coverage by 23 Wall Street analysts. The majority of these analysts tend to have a bullish stance on the stock. Out of these 23 analysts, 11 analysts advocate the investors to buy the stock; six analysts believe the shareholders should hold the stock while another six analysts believe shorting the stock may help the shareholders book profits.

The 12-month consensus target price on the stock is $256.47, with a return potential of 3.8%.

Tesla stock is trading at $248.63, up about 0.79% as of 12:44 PM EDT.