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Bank of America says “results matter, but growth factors may matter more.”

Bank of America said Tesla’s headwinds are well known and are likely fully reflected in the stock price. This will make the company’s commentary on the current state of electric vehicle demand and its future growth plans all the more important.

They believe this could set the stock up for a positive reaction.

“Despite near-term pressures, the revelation of future growth directions has the potential to support the stock,” Bank of America said. “Results matter, but growth factors may matter more.”

While the bank doesn’t expect Tesla to make any major product announcements during its earnings conference call, it could provide some insight into the highly anticipated Robotaxi event, scheduled for August 8. Tesla could also reiterate its intention to launch a low-cost model. 2 in 2025 or 2026, which would likely lead to a positive price reaction for the stock.

Bank of America rates Tesla “Neutral” with a price target of $220.