Ben Kallo, an analyst at Robert W. Baird, reitereated his Outperform rating for the shares of Tesla Motors Inc (NASDAQ:TSLA) and raised his price target from $245 to $275 per share in a note to investors on Monday.
Kallo emphasized that the electric car manufacturer is well positioned to deliver positive results in the second quarter, and sees that trend continuing well into the 4th quarter as well. The analyst is also convinced that Tesla Motors Inc (NASDAQ:TSLA) will be able to meet its delivery guidance of 35,000 Model S vehicles for 2014.
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Well-positioned over the long-term
The analysts emphasized that his conviction for the performance of Tesla Motors Inc (NASDAQ:TSLA) remained bullish over the long-term because of several catalysts including the Gigafactory, partner announcements, and updates to the second production line of the electric car manufacturer.
Kallo believed that the recent pullback in the shares of Tesla Motors Inc (NASDAQ:TSLA) is also factored in its price per share. He cautioned that the electric car manufacturer might deliver weak financial results for the first quarter, which will be released on May 21.
Tesla’s previous financial performance
During the previous quarter, Tesla Motors Inc (NASDAQ:TSLA) posted $0.33 earnings per share, higher than the $0.18 consensus estimate of Wall Street analysts. Its revenue was $615 million compared with the $657.15 million average estimate.
Other analysts’ ratings
Last March 27, analysts the Wedbush reduced their price target for Tesla Motors Inc (NASDAQ:TSLA) to $275 per share, which is similar to the current estimate of Kallo.
Analysts at UBS AG (NYSE:UBS) initiated a coverage on the shares of the electric car manufacturer with a Neutral rating and a price target of $230 a share, citing that the move was a valuation call.
Meanwhile, analysts at Wall Street Renegade recommended a Strong Buy rating for the shares of Tesla Motors Inc (NASDAQ:TSLA) with a $300 price target in a note to investors on March 20.
The electric car manufacturer’s stock received a Hold rating recommendation from ten investment analysts, a Buy rating from six analysts, and a Strong Buy from one analyst. The average stock rating and price target for Tesla Motors Inc (NASDAQ:TSLA) is Hold and $214.26 a share, respectively.
The stock price of Tesla Motors Inc (NASDAQ:TSLA) is down by more than 2% to $207.52 per share after the close. Over the past 12 months, the stock of the company rose 397%.