Robert W. Baird Boosts Price Target for Tesla Motors Inc (TSLA) Ahead of Likely Catalysts
Robert W. Baird analyst Ben Kallo came out with a research report today on Tesla Motors Inc (NASDAQ:TSLA), reiterating an Outperform rating on and raising the price target to $335 (from $275), which implies an upside of 34% from current levels. The report came ahead of a chain of likely catalysts for the company, some of which include the Model X launch and Tesla Energy. Shares of TSLA are currently trading at $251.10, up $1.96, or 0.79%.
Kallo noted, “Although sentiment has improved over the past three months, we still believe there is skepticism surrounding Tesla Energy, the Model X launch, and demand,” Kallo said. “We think upcoming events will help improve sentiment and drive shares higher.”
Furthermore, “We think there is still skepticism TSLA will launch the Model X crossover during Q3, but we are betting they will convert despite previous delays. Successful launch of the X will do the following: (1) expand TSLA’s addressable market (2) reinforce confidence in its product development competencies (3) increase scale and (4) continue to build the brand.”
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 11.6% and a 61.2% success rate. Kallo has a 34.9% average return when recommending TSLA, and is ranked #508 out of 3612 analysts.
Out of the 15 analysts polled by TipRanks, 10 rate FireEye stock a Buy, 2 rate the stock a Hold, and 3 rate it a Sell. With a potential upside of 10.13%, the stock’s 12-month consensus target price stands at $274.38.