(Paul Sakuma/AP)

The stock market value of Tesla Motors broke through the $25 billion mark on Tuesday, rising more than 3 percent to $204.90 a share just after noon.

The company reports 2013 earnings on Wednesday, but analysts are already issuing upbeat reports. Baird Equity Research analyst Ben Kallo raised his price target from $187 to $215 a share. Analysts are also anticipating details about building a battery factory and hitting gross margin targets, along with overall sales.

Tesla stock may also be getting a boost because of a San Francisco Chronicle report citing an anonymous source saying that Apple was kicking the tires of Tesla and that Apple's top mergers and acquisitions executive met with Tesla chief executive Elon Musk last spring. Tesla's stock price was already steep, and it has soared higher since then.

The jump in the price Tuesday raises the value of Tesla to about 40 percent of the value of Ford Motor, even though Tesla is expected to report sales of just over 21,000 cars and Ford last year sold more than 6.3 million vehicles. Tesla is still struggling to show a profit, while Ford earned $7.2 billion in 2013.