Tesla stock (TSLA) extended gains on Wednesday, rising more than 6% after jumping 10% on Tuesday as Wall Street weighed in on the electric carmaker's quarterly vehicle delivery results that topped expectations. Tesla stock has now gained more than 70% since its most recent low in late April.

Tesla this week announced it produced approximately 411,000 vehicles and delivered nearly 444,000 cars during the second quarter, beating consensus estimates and marking an increase from the first quarter.

And despite a year-over-year drop in deliveries, analysts were bullish on the report and pointed to signs the EV industry may be holding up better-than-expected.

"We continue to see scope for improving sentiment in Tesla shares as well as broader EV sentiment as compared with the negative sentiment we have seen over the past ~6 months," Citi analysts wrote in a note following the results on Tuesday.

Dan Ives at Wedbush Securities said in a note the company's deliveries marked a "major turning point" in the "Tesla bull case story."

"The key for Tesla's stock is the Street recognizing that Tesla is the most undervalued AI play in the market," Ives wrote, adding the "Mojo back for Musk" as he raised his price target on the stock to $300 from $275 with a new bull case of $400 for 2025.

Ives added the company's Robotaxi event on August 8 "will lay the yellow brick road to [full self-driving] and an autonomous future."

Morgan Stanley's Adam Jonas called Tesla's results the "1st Positive Surprise of the Year," noting the automaker delivered 33,000 units more than it produced in the second quarter.

The analyst also highlighted a "show stealer" from its release — Tesla's energy storage business, which posted its highest quarterly deployment yet. The business, which includes utility-scale Megapacks, has been growing faster than the EV segment, with a record profit margin.

"Tesla started its Independence Day celebration early with a positive 2Q delivery beat, 33k lower inventory and a large storage beat to remind investors it's not just an auto company," wrote Jonas.

His team has an Overweight rating on the stock with a $310 price target.

Tesla has faced stiff competition abroad from its Chinese counterparts and faced some waning demand for EVs in the US. In an effort to reduce costs, the company embarked on a plan to cut more than 10% of its global staff earlier this year in what some analysts saw as a signal of tough times ahead.

During Tesla's shareholder meeting last month CEO Elon Musk confirmed that near-term demand and sales would still struggle somewhat as the industry goes through a transitionary period.

The company also slashed prices last year to spur sales.

"There is still the risk of further price cuts ahead, and there [are] still further questions on fundamentals, we are still facing somewhat of an EV winter on demand," Barclays senior equity research analyst Dan Levy told Yahoo Finance on Tuesday. "So, good result. But I think the fundamental macro backdrop is still the same." Levy has an EqualWeight rating on the stock and a $180 price target.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.