Tesla Motors Inc (NASDAQ:TSLA) has been reiterated with a Neutral rating along with a price target of $200.00 by Goldman Sachs analyst Patrick Archambault. Ratings and price target follow the investor meetings with Tesla in Chicago and Denver on April 8 and 9.
“The biggest surprise for us was the company’s own expectations for the Model X which has seen a significant rise in reservations on a global rotation to SUVs,” said Archambault.
Tesla confident on Model X volumes
According to the analyst, management is confident on the Tesla Motors Inc (NASDAQ:TSLA) Model X, which has witnessed a sharp rise in reservations on a “global rotation to SUVs.” Management believes that the volumes for Model X could match that of Model S. “An all-new drivable prototype of the redesigned X,” is expected to come in the fourth quarter of 2014.
For Model S, the production is going smoother at a rate of 700 cars per week, and Tesla Motors Inc (NASDAQ:TSLA) expects the production rate to accelerate in the second half of the year, owing to a rise in output by Panasonic, and launch of a second production line.
Recently, there were reports that Panasonic is reconsidering its decision on the gigafactory. As of now, there have been no official words from the companies involved, but at the investor meeting, Tesla Motors Inc (NASDAQ:TSLA) management denied any changes to its “commercial relationship” with Panasonic. For the first quarter, management reiterated its target of delivering 6,400 units, but according to the analyst, “registrations appear higher,”
Ratings from other analysts
Many other analysts have also issued their verdict on Tesla Motors Inc (NASDAQ:TSLA) in recent weeks. In a note on Monday, Robert W. Baird analysts maintained their Buy rating on the automaker. Analysts at Wedbush, in a report on March 27th, lowered their price target on Tesla to $275.00. In a research note on March 26th UBS AG analysts initiated coverage on the Tesla, and gave it a Neutral rating and a price target of $230.
Of the twenty-four brokerages covering Tesla Motors Inc (NASDAQ:TSLA), ten analysts have rated the company with a Hold rating, six have assigned a Buy to the stock and one has given a Strong Buy recommendation. Overall, Tesla has a consensus rating of Hold and average 12-month price target $214.26.
On Wednesday, Tesla Motors Inc (NASDAQ:TSLA) shares closed at $216.93.