Robert W. Baird analyst Ben Kallo weighed in with a few insights on Tesla Motors Inc (NASDAQ:TSLA) ahead of the company’s second quarter delivery announcement. The analyst reiterated an Outperform rating on the stock with a price target of $335. Shares of TSLA closed yesterday at $266.40, up $4.38, or 1.67%.
Kallo observed that although there is not a clear read on Q2 deliveries, he expects Tesla to meet its guidance of ~10.5k vehicles. Furthermore, some Street estimates are calling for a delivery beat, which is likely setting high market expectations. The analyst concluded that he would use any weakness in shares as a buying opportunity, as he wants to own shares into the Model X launch and believes upcoming catalysts will drive shares higher.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ben Kallo has a total average return of 11.8% and a 56.5% success rate. Kallo has a 35.2% average return when recommending TSLA, and is ranked #485 out of 3684 analysts.