JPMorgan on Friday raised its price target on Tesla (TSLA) to $150 from $115 while keeping an 'Underweight' rating on the shares.

The new price target implies a potential downside of about 66% from the stock's closing price on Thursday.

JPMorgan upped Tesla's estimates after the company reported third-quarter (Q3) deliveries of 497,099, which was 12% ahead of consensus. The firm now expects Q3 earnings per share for Tesla of $0.59, which is down 18% year-over-year but above its prior expectation of $0.48 and the consensus estimate of $0.50, as per TheFly.

Tesla's Q3 benefited from a "temporary stronger-than-expected industry-wide pull-forward" of demand for electric vehicles in the U.S., the analyst told investors in a research note. It is "too soon to declare Tesla as having sustainably returned to growth in its core business," JPMorgan contends. The firm further does not expect materially positive consensus estimate revisions beyond Q3.

On Stocktwits, retail sentiment around Tesla stock fell from 'bullish' to 'neutral' territory while message volume rose from 'normal' to 'high' levels.

Tesla on Thursday said that it sold 481,166 Model 3 and Model Y vehicles, and 15,933 units of its more premium offerings, including the stainless steel Cybertruck, the Model S sedan, and the Model X SUV, globally. The total delivery numbers mark Tesla's highest quarterly deliveries to date, spurred by customers in the U.S. rushing to buy their EVs before the $7,500 federal tax credit on electric vehicle purchases expired on September 30.

Other automakers, including Ford and General Motors, also recorded an increase in EV sales in the U.S. in the quarter, though their numbers trailed Tesla's.

TSLA stock has risen 9% this year and by 83% over the past 12 months. 

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