Piper Sandler said the latest wait times for Tesla Model Y vehicles are a bullish sign. The Wall Street firm noted an increase in the amount of time U.S. buyers had to wait for deliveries of the electric automaker’s second-best-selling model/region combination. Analyst Alexander Porter said the Model Y accounted for about 15% of Tesla’s deliveries. “We think this rise will be interpreted favorably,” he wrote in a note on Tuesday. Tesla has cut prices several times this year, with the sticker price of its base Model Y dropped by about 20%. Earlier this month, however, the company raised the price by $250. The move comes as the U.S. adopts stricter standards for federal tax credits for electric vehicles. The increase in wait times hints at increased demand for vehicles, Potter said, although it’s not the only factor. “Investors have been asking us in recent weeks why wait times haven’t reflected more clearly on Tesla’s price cuts. The answer is complex because wait times don’t just reflect consumer buying Tesla versus other The will of the car,” Porter said. Analysts pointed out that the waiting time can also reflect the company’s production rate and market demand for various vehicles. His $280 price target implies an upside of about 65% from Tuesday’s close. Shares of Tesla are up 37% year to date. — CNBC’s Michael Bloom contributed reporting.