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Worries about Tesla’s liquidity situation could ease in the second half of 2019, a bullish analyst wrote Tuesday.

Tesla stock (TSLA) was recently up 0.74% to $257.57 as investors await the company’s second-quarter financial results, due Wednesday after the market’s close. (Barron’s previewed those results earlier today.) Analysts have this week been turning in their last forecasts before the announcement, many of them focused on demand for the company’s vehicles.

JMP Securities’ Joseph Osha said that after a damaging first quarter that combined sagging business performance and the repayment of a convertible debt issue, Tesla’s financial position should improve. Osha has an Outperform rating on the stock and a $347 price target, 27% above FactSet’s $273 average.

Read: Tesla Could Win Over Skeptics With Strong U.S. Demand

“We think it is a mistake to look for further negative free cash flow unless operations weaken again,” Osha wrote. He sees Tesla ending 2019 with $3.5 billion in cash and equivalents, up from the roughly $2.2 billion with which it finished the first quarter.

The company does have another convertible issue due in November, which Osha said it could refinance rather than repay. “If our forecasts are correct, we believe that concerns regarding Tesla’s liquidity should ease,” Osha wrote.

Meanwhile, a bearish analyst wrote late Monday that he was narrowing his quarterly loss per share estimate from $1.52 to 45 cents, which nevertheless remains below the Street’s 39 cents per share consensus.

Read: Tesla’s ‘Aggressive Targets’ Will Hurt Profits, Analyst Says

Citi Resarch’s Itay Michaeli, who has a Sell rating and a $191 price target on the stock, said average selling prices, gross margins, and any statements related to the likelihood of the company making or missing its full-year delivery guidance will be crucial tomorrow.

“We view an auto gross margin in the range of 21% to 23% as a decent benchmark whereby anything materially lower would support the bear case on Tesla’s profitability, and anything materially higher would support the bull case,” Michaeli wrote.

Email David Marino-Nachison at david.marino-nachison@barrons.com. Follow him at @marinonachison and follow Barron’s Next at @barronsnext.