Credit Suisse analyst Dan Galves jumped in the pool of Wall Street analysts weighting in on Tesla ahead of earnings this week and it looks like Galves is swimming against the current with a note reiterating an outperform rating and $325 price target on the company.

The analyst says that he understands the macro economic factors putting pressure on Tesla’s stock and the concerns over the Model X production ramp up, but he thinks the recent barrage of bearish notes underlying these concerns have been “overdone”.

Galves commented in a note to clients (via StreetInsider):

“We remain bullish on TSLA, with high conviction on a 12-month view and also constructive in front of Wednesday’s print. There are understandable reasons why TSLA has sold off recently…risk-off / global macro concerns, negative sentiment on auto stocks, and declining oil prices. But we see the concern on Model X production ramp / volumes, the subject of several recent bearish notes, as overdone at this point.”

As we mentioned in our earnings preview this morning, the Model X production ramp up will likely be the focus of Tesla’s upcoming earnings call and apparently, Galves already discussed it with Tesla’s management:

falcon wind door mechanism

“We believe that several minor but unacceptable quality issues existed on early production…the company slowed down the line to tweak the production process (fit / finish and trim issues appear to be fully fixed) and, in some cases, to wait for re-designed parts. According to mgmt., the production process is quite dialed-in right now, there are no critical unresolved design issues, and once re-designed parts are available, the ramp should progress quickly. Meanwhile, Model S production continues to run at very high levels.”

  Galves doesn’t elaborate on what are the “re-designed parts” Tesla would be waiting for, but we recently learned that Tesla is suing a German supplier over delays in designing the Model X’s Falcon Wing doors, which ultimately led to the automaker changing the design from a hydraulic system to an electromechanical door system.

We should have a better idea of the situation after the earnings call on Wednesday, February 10, 2016 (2:30pm Pacific Time – 5:30pm Eastern Time). You can join on the call through Tesla’s website and on Electrek for a live blog of the results and call.

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