Tesla Motors, Inc. (NASDAQ: TSLA) may be viewed with some caution by some investors after the company’s referral program came out on Wednesday. Even after several key analyst downgraded in recent weeks, many analysts have remained positive and see great things ahead for Elon Musk and his company.

Credit Suisse is one of the more positive firms out there. Dan Galves, the analyst rating tesla for Credit Suisse, discussed this referral plan with reiterating its Outperform rating and its $325 price target.

Galves issued his thoughts on the Tesla referral experiment. He noted that Model S owners can share a link with potential buyers. Anyone ordering a Model S by October 31 through that link will receive $1,000 off the purchase price. Also, the referring person will receive $1,000 of essentially store credit. Galves also pointed out as a kicker that any person who facilitates ten referral orders will be able to buy a Model X Founders edition at the price of a base Model X.

Again, the report effectively aims to minimize the “weak demand” fears that this might bring up. Galves’ own view is that this actually implies that there is evidence that points to strong Model S demand. Several reasons pointed out were as follows:

• 1) Based on the Tesla website, Q3 appears nearly sold out… vehicles ordered yesterday will get delivered in September in US and late September in Europe;
• 2) Demand has accelerated in Europe… second quarter deliveries were up 13% versus the first quarter (ex Norway, Model S deliveries were up over 40%);
• 3) A full quarter of availability of the lower-end S70D version should drive incremental global demand in Q3;
• 4) This is all supported by Elon Musk’s comments during a recent Reporters roundtable that during the second quarter: Model S orders in North America and Europe grew 30% and 60%, respectively, year over year and in Asia doubled versus the first quarter of 2015. This increased order flow in the second quarter should benefit deliveries in the third quarter.

24/7 Wall St. would point out that there are still some points to consider in Tesla, outside of a referral plan. Investors were buying into the luxury and eventual mass-market electric vehicle leader. Now they are investing in that plus the biggest domestic future-tech battery maker ahead. Tesla’s market cap is $33 billion – versus $50 billion for GM and $60 billion for Ford.

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Tesla shares closed down $1.00 at $263.82 on Wednesday, and shares were up only about $0.30 in early Thursday morning trading. Its consensus analyst price target is closer to $288 and it has a 52-week trading range of $181.40 to $291.42.

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