The new Tesla Model Y is introduced. Tesla has expanded its model range to include an SUV based on the current Model 3.

Hannes Breustedt | picture alliance | Getty Images

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Tesla beat Wall Street's quarterly earnings expectations and the stock is surging but many major analysts were unmoved by the report and are sticking by their bearish position.

While analysts all noted Tesla's strong performance, as well as its recent blistering stock rally, only a handful adjusted their investment recommendation of the stock.

"The bull narrative has shifted from Tesla disrupting multiple industries to Tesla being a profitable and growing next-generation automaker. Even if one were to stipulate that as true, we believe the shares are sharply overvalued as an automotive [manufacturer]," Barclays analyst Brian Johnson wrote.

Likewise, Bernstein analyst Toni Sacconaghi said that the risk for investors, both to the upside and the downside, makes Tesla untenable.

"On net, we believe Tesla is simultaneously too hard to short without a discernible catalyst ... but also too expensive and risky to initiate a significant overweight," Sacconaghi said.

Tesla share rose 10.3% in trading to close at $640.81.

Here's what every major analyst said about Tesla's earnings.

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Here's what every major analyst had to say about Tesla's big earnings beat - CNBC