Tesla's long wait times are a bullish sign – and Elon Musk's carmaker could see its stock jump 62%, Piper Sandler says

• Increased wait times for Tesla's Model Y SUV may be good news for bulls, Piper Sandler says.
• The delays may reflect robust demand for the electric vehicle, made by Elon Musk's automaker.
• The US investment bank gave Tesla a price target of $280, suggesting its shares could soar 62%.

Tesla's long wait times may be annoying for customers, but they're likely good news for stockholders, according to Piper Sandler. 

The US-based investment bank noticed an uptick in wait times for Tesla's Model Y SUV – the brand's second most popular model, representing about 15% of deliveries. 

Tesla's website shows American buyers must now wait between three and 12 weeks for the various types of Model Y, up from zero to three weeks, Alexander Potter, senior research analyst at Piper Sandler, said in a note this week.