Baird analyst Ben Kallo was out pounding the table on Tesla Motors Inc (NASDAQ:TSLA), reiterating an Outperform rating and price target of $338, which represents a potential upside of 67% from where the stock is currently trading.

Kallo wrote, “We are buyers on recent TSLA weakness, caused by recycling of old news. Headlines have been dominated by concerns over TSLA’s need for a capital raise and near-term liquidity constraints, but these are not new developments. We believe that recent pressure is overblown and would be buyers on any weakness.”

The analyst continued, “Investors have voiced concern over Tesla’s S-4 filing that calls for ~$422M in payments to holders of Tesla’s 2018 convertible senior notes, expected to be paid in Q3:16. These conversion notices are not new; they were disclosed in Tesla’s 10-Q published in early August. Despite these expected payments, Tesla has indicated that it has adequate liquidity through the end of the current fiscal year.”

Furthermore, “Despite news and other analysts’ reports, we do not believe SCTY was going bankrupt prior to the proposed TSLA acquisition. We believe that the bankruptcy and bailout calls are overdone, as SCTY had the ability to take steps to tap equity markets, even if it was at a discount to where shares were trading.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ben Kallo has a yearly average return of 0.7% and a 42.5% success rate. Kallo has a 16.7% average return when recommending TSLA, and is ranked #2000 out of 4132 analysts.

Out of the 26 analysts polled by TipRanks, 11 rate Tesla Motors stock a Buy, 9 rate the stock a Hold and 6 recommend to Sell. With a return potential of 36%, the stock’s consensus target price stands at $274.59.