Tesla Motors Inc (TSLA) revelation on Friday helped to lower the concern among the investors, and may push the stock going forward, according to Ben Kallo, a senior research analyst at Robert W. Baird. On the day, the EV makers stock closed up 3% at $274.Tesla Motors Inc (TSLA) Valuation 'Justified', Says Baird

Many catalysts for Tesla

Talking at a CNBC “Closing Bell,” Kallo said, “I think you bet on Elon Musk,” adding the company’s valuation is “justified.”

On Friday, Tesla announced an upgrade to the Model S line including a new battery, price point and speed options. This, according to Kallo, will ease the concerns over the cars driving range and affordability.

Kallo gave a price target of $335 to the stock, adding the Model S upgrades along with Musk’s comment over the Model X and Model 3 deliveries being on schedule, will push the shares up. The Model X, which is scheduled to come later this year, was referred to as “the next major catalyst” by Kallo.

Year to date, Tesla stock is up almost 24% while in the last 12 months, the shares are up almost 25%. The stock has a 53-week low of $181.40 and a 52-week high of $291.42.

Ratings from other analysts

Many analysts have come out with their verdict on the stock in recent weeks. Jefferies Group, in a research note on Friday, reiterated a Buy on the EV maker with a price target of $360. In a research note on July 12th, analysts at Global Equities Research reiterated a Buy on Tesla with a price target of $385. Vetr analysts raised the rating on the stock from Sell to Hold, with a price target of $260.79, in a note on July 8th. Robert W. Baird analysts, in a note on July 8, downgraded the stock on from an Accumulate rating to a Buy with a price target of $335. Pacific Crest analysts lowered the rating on the stock from Buy to Overweight, and set a price target of $293, in a note on July 8th. Presently, Tesla has consensus rating of Hold, and a consensus price target of $281.47

In separate news, Tesla VP Jerome M. Guillen sold 1,500 shares at an average price of $264.53 for a total transaction of $396,795, on Wednesday, July 15th. After the transaction, the VP now owns 2,662 shares valuing around $704,178.86, according to an SEC filing.