NEW YORK (TheStreet) -- Shares of Tesla Motors (TSLA) - Get Report were up 2.5% on Thursday morning, as Credit Suisse reiterated its outperform rating on the stock. 

Analysts at the firm cited what appears to be a "substantial uptick" in European sales, with deliveries possibly almost 3,500 in the first quarter, up from 2,500 a year ago. 

On CNBC's "Mad Dash" segment on Thursday, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said, the research report will likely make Tesla shareholders feel much better headed into the three-day weekend. 

Cramer also said that the analysts have a price target of $290, representing upside of more than 50% from current levels. They believe the automaker can top the current deliveries forecast. 

Tesla Motors TSLA data by YCharts

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Tesla continues to be a "cult stock" because other automakers have not yet produced a similar vehicle, Cramer said. Although plenty of companies make hybrids, none of them has a fully electric car with the same kind of driving range that Tesla's Model S has. 

And although Cramer acknowledged that the vehicle is great, the stock hasn't been too hot. 

Shares are down about 14% so far this year, and Cramer wasn't thrilled with the company's previous earnings results. He suggested listening to the company's conference call, which he didn't think was very good. 

At the time of publication, Cramer's Action Alerts PLUS had no position in the companies mentioned.