Goldman Sachs analyst Patrick Archambault and his team recently met with Tesla CEO Elon Musk, Autopilot Program Director Sterling Anderson and CFO Jason Wheeler to visit Tesla’s Fremont factory. Today the team released a report of their visit (via Valuewalk) and reiterated a “Neutral” rating on the company’s stock after the share price increased by ~12% this week.

Most notably, Archambault writes in his report that they see Tesla as now being about 80% vertically integrated, which is rare in the automotive industry where companies are focusing on the assembly process and engine manufacturing. expand full story