Tesla shares rose on Wednesday after CEO Elon Musk said that he believes the electric automaker has a "decent shot at a record quarter on every level."
Cowen has an underperform rating and a $140 price target on Tesla shares.
Tesla's stock is down nearly 35% for the year as of Tuesday's close of $217.10 a share but the stock has slowly come back after hitting a low of $179 a share last week.
A key metric for Tesla sales bounced back last month, as the company's Model 3 vehicle saw deliveries higher than expected in May.
Overall, Tesla increased total U.S. sales in the month of May by 73% compared to last year, according to data from Motor Intelligence.