Tesla shares rose Thursday morning after a U.S. State Department forecast was reported Wednesday afternoon, revealing that the electric vehicle maker is a possible choice for an estimated $400 million contract for armored electric vehicles.

The final earnings release of 2024 finalized another difficult year for Tesla’s bottom line, as its full-year net income came in at $8.4 billion, a 23% decrease from 2023 and a 40% decline from 2022’s record $14.1 billion profit, though its full-year revenue rose $97.7 billion, a 1% improvement from 2023’s record.

The average analyst target price is up about $30 in February, moving it to $380 a share, according to FactSet. That’s the highest target ever for Tesla stock.

Tesla stock is gaining ground following a recent report suggesting that the company could be on track to receive a $400 million contract through the U.S. State Department. However