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Tesla stock, which have risen for most of June, could get a further boost from the car maker’s second-quarter delivery and production report, according to new research.

Tesla stock (ticker: TSLA), up roughly 20% this month, was recently off 1.1% to $221.12 on Tuesday, narrowing earlier losses, as the S&P 500 fell less than 1%.

Oppenheimer analyst Colin Rusch has an Outperform rating on Tesla stock and a $437 price target that is among the highest on Wall Street. He wrote on Monday that the report—Tesla is expected to announce quarterly deliveries and production levels next week—could “drive shares higher.”

Wall Street expects quarterly deliveries of 92,000 vehicles. CEO Elon Musk has said the number could top the 90,700 seen in last year’s fourth quarter, and the company has guided investors toward 90,000-100,000 vehicles.

Analyst optimism about the Q2 number has helped the stock this month, though some have worried that sales of less-expensive models could pressure margins. Rusch does not.

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“We continue to believe Tesla is likely selling higher-end Model 3’s with sufficiently robust average selling prices and gross margin to drive shares higher when it announces second-quarter deliveries,” Rusch wrote.

Tesla stock has also been affected by recent trade tensions with China, since it currently exports cars there for the U.S. A Chinese factory currently under construction would allow it to lower prices in that market, which could make its vehicles more attractive to buyers.

And Tesla got a lift Monday as Reuters reported that the Commerce Department agreed to the company’s request to waive tariffs on aluminum imported from Japan, which it uses to make battery cells, citing domestic producers’ inability to meet the company’s specifications or volume needs.

“We believe strong sell-through in the U.S. and Europe will support deliveries in the second and third quarters,” Rusch wrote. “China sales support for the second half of 2019 remains a key uncertain variable in the debate on Tesla’s valuation.”

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