Tesla Inc. shares basked in Wall Street’s approval on Thursday, a day after the Silicon Valley car maker reported better-than-expected quarterly results.

Tesla TSLA, +4.42% stock has gained more than 6% since the report, the highest post-results gain since the aftermath of third-quarter 2015 numbers.

In contrast, the market handed Tesla a 5% loss after first-quarter results back in May, and a 6.4% loss after fourth-quarter 2016 results in February.

Here's how the share reaction post-results through recent quarters looks in a chart:

Tesla late Wednesday reported an adjusted loss of $1.33 a share, compared with $1.61 a share a year ago. Revenue reached $2.8 billion, up from $1.3 billion a year ago. Analysts surveyed by FactSet had expected an adjusted loss of $1.88 a share on sales of $2.52 billion.

Read more:Opinion: Tesla is a large public company, and Elon Musk must start acting like it

The shares were on pace for their highest close in a month and their highest percentage increase since early April. They were Thursday’s best performer on the Nasdaq 100. NDX, -1.29%

The stock’s rise started on the Wednesday after-hours session and as the company’s conference call progressed. Chief Executive Elon Musk told analysts that investors should have “zero concern” about Tesla’s achieving a production rate of 10,000 cars a week by the end of next year.

That went to the heart of two major investor fears about Tesla: That the Model 3 production ramp would be choppy and demand for the cheaper sedan would chip away at demand for Tesla’s pricier vehicles.

The market appeared to give Musk a pass on his correcting the record on Model 3 reservations and production of the “Model Y,” the compact SUV that Tesla aims to offer in a couple of years.

Model 3 reservations haven’t reached 500,000, unlike a figure he told reporters last week, but are a net 455,000, Musk told analysts on the call. The Model Y will be based on existing platforms, unlike his previous comments about the vehicle.

Analysts at Goldman Sachs remained concerned about execution risk, however. Tesla is likely to need to raise capital around the first quarter of next year, versus expectations of a capital raise by the second quarter.

On the call, Musk said debt would be more likely than an equity raise if more capital is needed.

Goldman analysts said they continue to see downside risk to Model 3 production, according to a note Thursday.

The analysts increased their price target on the stock to $200 from $180, however, citing better operating expenses control. The price target implies 43% downside to Thursday’s prices.

See also:Tesla earnings send stock higher amid Model 3 rollout: Live blog recap

Analysts at Morgan Stanley, well-known Tesla bulls, expressed similar concern about Tesla’s cash burn. They cheered, however, the pace of reservations for the Model 3, around 1,800 a day, according to Musk, which would mean that volume for the $35,000 sedan for the next quarter could dwarf volumes for General Motors Co. GM, -1.31% Chevy Bolt.

Analysts at Cowen circled back to the Model 3 reservation numbers as one of the reasons to remain cautious on Tesla.

“Customer deposit levels continue to drop and management’s explanation on the mechanics of this is vague given expected better (Model S and Model X) demand and Model 3 ramp,” they said.

Thursday’s gains put Tesla’s 2017 rise at nearly 63%, which compares to gains around 10% for the S&P 500. SPX, -1.11% The stock is up more than 3% this week, a flatline week so far for the benchmark.