Baird Continues to See Tesla (TSLA)/SolarCity (SCTY) Merger Approval

October 12, 2016 10:08 AM EDT
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Baird analyst Ben Kallo weighed in on Tesla Motors (NASDAQ: TSLA)/SolarCity (NASDAQ: SCTY) after it was disclosed that the companies will hold a special meeting of stockholders on November 17 and will vote on the proposed merger.

Kallo continues to believe the merger will be approved given recent conversations with shareholders.

The analyst sees sharp upside in SCTY stock if the merger is approved. "Based on TSLA’s October 11 closing price of $200.10, SCTY shareholders will receive ~$22.01 in value per SCTY share, which is ~13.6% higher than SCTY’s closing price of $19.38."

The firm maintained an Outperform rating and price target of $338 on TSLA.

For an analyst ratings summary and ratings history on Tesla Motors click here. For more ratings news on Tesla Motors click here.

Shares of Tesla Motors closed at $200.10 yesterday.

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