Tesla stock price fell below the $1000 mark last week and continues to trade in a narrow range over the last couple of sessions, but market analysts look bullish over the future fundamentals.

Credit Suisse claims that Tesla’s Q2 deliveries and production could outperform the expectations. Its analyst Dan Levy forecast that second-quarter deliveries could stand around 90-100k compared to the buy-side consensus of 80K and sell-side consensus of 70k.

The analyst says that the company will deliver 31K vehicles from China, around 25K from the global inventory coming into the quarter and just under 35K from Fremont.

On the other hand, Tesla shares have also been receiving backing from the analyst’s price targets. Jefferies has provided a price target of $1,200 as the firm believes Tesla’s gap with peers is widening from product to battery and tech/capacity.

“We see COVID-19 as an accelerator of the transition to EVs and renewables, from consumers and public policy. Tesla remains significantly ahead of peers in product range, capacity and technology. Near term, EV friendly incentives in the EU and lower-priced Model 3 support H2 volume, making Tesla more resilient than peers,” analyst Philippe Houchois said.

However, some analysts still look bearish. They say Tesla stock is significantly overvalued and it will fall soon. JPMorgan is among the firms that stand in the bear’s camp. The firm has provided a price target of $275.

“We see Tesla as by far the most overvalued stock in our coverage group (apart from Hertz, which we also rate Underweight and for which we previously withdrew our price target prior to its bankruptcy),” updates analyst Ryan Brinkman.

Tesla stock price rallied sharply since the beginning of this year. Its shares jumped close to 130% year to date. The shares have recently hit the $1000 level.