Tesla reports 2nd-quarter earnings today amid a searing stock rally. Here's what 4 Wall Street analysts are talking about ahead of the report.

• Tesla is set to report its highly anticipated second-quarter earnings after the market close on Wednesday.
• The report comes after the automaker's second-quarter vehicle-delivery numbers beat Wall Street expectations.
• Investors and analysts will be closely watching to see whether Tesla is able to pull off a profit this quarter. If it does, it will have fulfilled the last criterion for inclusion in the S&P 500 index.
• Here's what four analysts said ahead of Tesla's earnings.
• Watch Tesla trade live on Markets Insider.
• Read more on Business Insider.

Tesla is set to report its second-quarter 2020 earnings on Wednesday after the closing bell in New York, and all eyes will be on whether the company was able to turn a profit during the coronavirus pandemic.

If Tesla does report its fourth consecutive quarterly profit, it will have fulfilled all criteria for inclusion in the popular S&P 500 index.

Here are the key numbers that analysts surveyed by Bloomberg expect:

• Adjusted earnings per share: loss of $0.14
• Revenue: $5.19 billion

If Tesla falls short of the profit goal, its epic stock rally that's made it the most valuable automaker in the world this year could be in danger. Shares of the automaker have surged as much as 292% this year through Monday's close. It recently reported better-than-expected second-quarter vehicle-delivery numbers, even though the coronavirus pandemic forced its factory in Fremont, California, to close for most of the quarter.

Read more: JPMORGAN: The most unloved group of stocks at the coronavirus crisis peak is now more appealing than ever before. Here are 3 trades to buy into while they're still super-cheap.

Shares have continued to climb to fresh highs amid a slew of Wall Street upgrades, the announcement of a Battery Day event, and optimism about its S&P 500 inclusion. Bearish bets against Tesla also hit a record — Tesla was set to become the first company with a $20 billion short bet against it.

Here's what four analysts are saying about Tesla ahead of its earnings release:

1. Wedbush: Tesla has "executed flawlessly this quarter."

Price target: $1,250

Rating: Neutral

"While Street numbers are all over the map and looking for red ink this quarter, we are modeling profitability with the 90k delivery number and continued GM efficiency/cost cutting getting Musk & Co. away from the red ink," Wedbush's Daniel Ives wrote in a Monday note.

Though Tesla faced a "dark macro backdrop and COVID storm clouds," it has "executed flawlessly this quarter posting 90k deliveries and crushing Street expectations in Aaron Judge-like home run fashion," Ives said.

Investors will be focusing on its second-quarter profitability, China delivery trajectory, Model 3 demand outlook, and any hints about Battery Day announcements.

Read more: A high-growth fund manager returning 7 times more than his peers tells us how he's shifting from post-pandemic tech themes into 'real companies' — and shares 6 stock picks set to win the market's next phase

"In a nutshell the success in China out of the gates is a major achievement for Tesla and if this trajectory continues will be a 'game changer' for its EV penetration story over the next decade," Ives said.

2. JMP Securities: "Any intermediate-term success that TSLA might discuss during its earnings call tomorrow is now fairly reflected in the stock price."

Price target: $1,500

Rating: Market perform

"We believe that any intermediate-term success that TSLA might discuss during its earnings call tomorrow is now fairly reflected in the stock price," Joe Osha of JMP Securities wrote in a Tuesday note downgrading Tesla.

Osha said Tesla "should show progress on several fronts" when it reports earnings, including in higher gross margins. JMP also expects Tesla to deliver roughly 435,000 units for the year and its Shanghai factory to provide additional capacity to meet any demand.

Read more: A $47 billion fund manager shares 3 trades she's making for huge upside as the economy recovers — including a play on the Tesla-led boom of electric vehicles

"All of this progress makes the investment decision challenging," Osha wrote. "We continue to believe that TSLA builds the best battery electric vehicles in the market, and other than Volkswagen it is not even clear to us who can offer viable competition."

Still, he added that "the stock has now gotten to our target level, however, and we think that investors face challenges in earning additional returns from here."

3. Deutsche Bank: "Tesla stock has seemingly been making new all-time highs every day."

Price target: $1,000

Rating: Hold

Deutsche Bank raised its Tesla price target to $1,000 following the company's better-than-expected second-quarter delivery numbers.

"Tesla stock has seemingly been making new all-time highs every day, supported by leaks of the strong 2Q and potential inclusion into the S&P 500 and more broadly by very positive investor sentiment toward electrification which is likely pulling in large ESG driven fund flows that have limited options in public markets," Emmanuel Rosner in a note on July 6.

Read more: Leka Devatha quit a cushy corporate career to start flipping houses. She breaks down how she made $1 million on a single deal by supercharging a simple strategy.

Factoring in better volumes, Rosner boosted his second-quarter revenue forecast to $5.84 billion from $4.97 billion, "suggesting Tesla could potentially achieve GAAP profitability in the quarter which would fulfill the last criteria for inclusion into the S&P 500."

4. CFRA: "Shares have gotten ahead of underlying fundamentals."

Price target: $1,100

Rating: Sell

"We think TSLA shares have gotten ahead of underlying fundamentals and do not appropriately reflect various risks surrounding the story, including the fact TSLA is entering a major spending cycle with the construction of Gigafactories 4 and 5, which we expect to act as a significant drag on free cash flow over the next several quarters," Garrett Nelson of CFRA wrote in a Friday note.

Read more: BANK OF AMERICA: Buy these 14 stocks that are likely winners in the pandemic — and may benefit from the biggest trends that will define the future

"Furthermore, we view the Model Y price reduction as a red flag and see the potential for an equity offering given the stock's meteoric run-up, noting that TSLA issued equity in February at $767/sh, roughly half its current price," he added.

"Finally, we think shares have benefited from short covering (current short interest of 7.5% is down from 23.2% a year ago) and speculation that it will post a Q2 GAAP profit next week and be eligible for S&P 500 inclusion (prompting index fund buying), but this is far from guaranteed."