Tesla Roadster
Pictured: The Tesla Roadster, the world's first highway-capable all electric car available in the United States, is displayed on its production debut in the Tesla Flagship Store on May 1, 2008 in Los Angeles, California. Getty Images/Vince Bucci

Coming from any analyst known to be a Tesla skeptic, a prediction that Tesla’s stock is on the verge of an astounding recovery will be epic.

But coming as this forecast did from Ben Kallo, director of financial services company at Robert W. Baird & Co. and an unshakeable Tesla bull, the prediction of an epic recovery has to be given a reality check.

Kallo on Thursday kept true to form by reiterating his optimistic “Outperform” rating on Tesla stock. He also stuck to his $355 per share price target he first made June 22. All this, ahead of Tesla’s Q2 earnings call in August.

Kallo’s prediction of $355 is almost “Pollyanna-ish” given Tesla’s stock closed at $254.54, down 0.52 percent Thursday, and is still down by a third over the past year.

In a recent note to investors, Kallo said he likes the Tesla share set-up for the rest of 2019. He’s also confident Tesla’s execution will “help restore credibility and create a challenging short environment.”

Kallo noted expectations for Tesla’s stock remain “overly negative.” This negativity is now being fueled by the perception among Tesla bears the company’s problems reside in its weak earnings and not in its faltering demand as they insisted before.

Having been proven correct arguing Tesla doesn’t have a demand problem, Kallo now asserts Tesla’s margin results might exceed estimates. He believes Tesla’s second-quarter results will likely determine the company’s momentum for the second half of the year.

Tesla shamed most analysts’ expectations with its unexpectedly strong production and delivery numbers in Q2. It delivered a record 95,200 Model S, 3 and X, temporarily quieting Wall Street bears whoe proclaimed its days as an independent company are numbered.

Of the total electric vehicles (EVs) delivered by Tesla in Q2, 77,550 were Model 3 luxury executive sedans; 8,200 were Model S liftback sedans; while 8,400 were Model X mid-size luxury SUVs.

Tesla produced 72,531 Model 3 sedans and 14,571 Model S and Model X. Total production for Q2 came to 87,048 EVs while total deliveries surged to 95,200 EVs. The previous delivery record was 90,700 EVs in the fourth quarter of 2018.