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Is Tesla (TSLA) set to move past its drama phase?

At times—like, say, this week—that seems hard to believe. After a news-filled appearance on 60 Minutes, for example, Elon Musk said portions of the interview were uncharitably edited. Other portions were, at the least, eyebrow raising. The television interview followed another in which he said the company had a near-death experience not long ago.

But the stock is up roughly 18% in 2018 as the S&P 500 has stumbled, and some analysts think its business—particularly after a strong third quarter—is now poised to take center stage.

“Tesla is enjoying improving fundamentals based on increasingly efficient manufacturing, strong average selling prices leading to better-than-expected cash flow, as well as slow and disappointing competition entering the market,” Oppenheimer analyst Colin Rusch wrote Wednesday. “As Tesla delivers steady cash flow, a new group of investors will begin taking positions, helping drive shares higher.”

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Rusch reiterated an Outperform rating and a 12- to 18-month price target of $418, which is 28% above Factset’s average around $326. The shares were recently about flat near $369.

Some of Rusch’s report focused on Model 3 production and gross margin levels, topics that have been at the top of most investors’ minds recently as the company has sought to produce its most affordable car—and make money doing so—in large numbers. (If you’ve already moved past that, there was Musk’s recent tweet about the possibility of a prototype pickup next year.)

But he also suggested that investors’ focus may shift to China, a crucial growth market where trade and production issues have complicated the near-term outlook. Musk has said the Model 3 will get to that country next year, helped by a factory the company has said could make 3,000 of the sedans a week.

“We would not be surprised to see volume production push well into 2020 given Tesla’s history of fluid timelines,” Rusch wrote. (“Punctuality is not my strong suit,” Musk quipped on 60 Minutes.)

“However, we believe it has gained significant buildout experience, and anticipate greater capital efficiency this time around,” wrote Rusch. “Amid the trade uncertainty overhang, we see further incentives for rapidity as Tesla looks to close the gap with local competition.”

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