There’s a bullish sign in the latest wait times for Tesla’s Model Y vehicles, according to Piper Sandler. The Wall Street firm noticed an uptick in the amount of time U.S. buyers must wait for delivery of the electronic-vehicle maker’s second best-selling model/region combination. The Model Y represents about 15% of Tesla deliveries, analyst Alexander Potter said. “We think this uptick will be interpreted favorably,” he wrote in a note on Tuesday. Tesla dropped prices on its vehicles several times this year, with its base Model Y sticker price dropping about 20%. However, earlier this month the company boosted the price by $250. The action comes amid the United States’ move towards stricter standards for federal tax credits on EVs. The increase in wait times hints at rising demand for the vehicle, although it isn’t the only factor, Potter said. “In recent weeks, investors have been asking us why wait times haven’t responded more noticeably to Tesla’s price cutting campaign. The answer is complex, because wait times don’t solely reflect consumers’ appetite for buying Teslas vs. other cars,” Potter said. Wait times can also reflect the company’s production rate and the market-wide demand for all kinds of cars, the analyst noted. His price target of $280 implies about 65% upside from Tuesday’s close. Shares of Tesla are up 37% year to date. — CNBC’s Michael Bloom contributed reporting.