"The move higher in Tesla shares bore no relation whatsoever to the company's financial performance in the quarter," JPMorgan wrote.

Tesla's fourth-quarter net income fell 71% from a year ago, when results were boosted by a one-time tax benefit.

Tesla, IBM and Meta Platforms helped lead most U.S. stocks higher on Thursday following a rush of profit reports from some of the country’s most influential companies. The S&P 500 rose 0.5%, as four out of every five stocks in the index climbed.