Tesla (NASDAQ:TSLA) bulls are taking a stand as pervading negative narratives sweep TSLA following the release of the electric car maker’s third-quarter results. Tesla hit new records in Q3, producing 96,155 vehicles and delivering around 97,000. These record numbers, which were 3,000 off a target quoted in a leaked Elon Musk email, resulted in a steep drop in TSLA and an unforgiving interpretation from the company’s ardent critics.

As the electric car maker deals with the aftermath of its record-breaking third-quarter results, a number of TSLA bulls have taken a stand with their optimistic take on the company’s Q3 figures. While these analysts admitted that Tesla was not able to meet Elon Musk’s internal 100,000 delivery goal for the third quarter, some were firm in the notion that Tesla’s 16.2% year-over-year improvement in deliveries was nothing to scoff at either.

Longtime TSLA bull and Baird analyst Ben Kallo reiterated his “Outperform” rating and $355 price target on the electric car maker following the company’s release of its Q3 2019 results. Macquarie analyst Maynard Um, another notable TSLA bull, kept his “Outperform” rating and optimistic $400 price target for Tesla as well. Commenting on Tesla’s production and delivery results, Um was direct, stating that “we are not concerned about demand.”

Canaccord Genuity also maintained its “Buy” rating on Tesla, together with its $350 price target. According to the financial firm, Tesla reported “essentially inline Q3 deliveries with record net new orders.” Canaccord added that it is “encouraged that production woes appear to have abated” for the electric car maker, as shown in Tesla’s record numbers.

Even Wedbush Securities, whose TSLA analyst Dan Ives has expressed frustration at the electric car maker in previous quarters, maintained its “Neutral” rating and $220 price target on the company. Wedbush noted that “In our opinion, this was an impressive delivery number for Tesla overall that should be viewed as a positive step in the right direction.”

Loup Ventures managing partner Gene Munster, also a longtime TSLA bull, pointed to a particularly interesting detail in the company’s Q3 report. In a blog post on Loup Ventures’ official website, Munster stated that in the third quarter, Tesla appears to have established the fact that its vehicles have a stable, organic demand among consumers.

“The optics of the announcement may have been diluted, but the substance was impressive. Tesla built and sold a record number of vehicles in Q3. Deliveries were up 16% y/y on a tough comp from Q3 of 2018 when deliveries more than doubled sequentially to 83k. In the update letter, the company said that they achieved record net orders and that nearly all of those orders came from people without previous reservations. In other words, all signs point to the fact that organic demand, which is the crux of the bull/bear debate, is intact,” he wrote.

Objectively speaking, Q3 2019 was a successful quarter for Tesla, and despite the pervading negative narrative surrounding the company, the fact remains that the electric car maker just reached record numbers once more, and it is not showing any signs of slowing down. With Gigafactory 3’s Model 3 production seemingly just around the corner, it is likely far too early or simply unwise to dismiss Tesla’s chances of meeting its self-imposed delivery goals for 2019.

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.