Baird Reiterates Bullish View on Tesla (TSLA) Following Autonomous Hardware Update

October 20, 2016 6:52 AM EDT
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Baird analyst Ben Kallo reiterated an Outperform rating and $338 price target on Tesla Motors (NASDAQ: TSLA) after the company announced Hardware II.

Kallo commented, "TSLA announced new cars will now come standard with a hardware suite capable of level 5 autonomous driving. The company expects full implementation in 2-3 months and anticipates demonstrating a fully autonomous cross-country drive by the end of 2017. Increased computing power, ultrasonic sonar sensors and redundant cameras should improve autopilot safety and functionality. In our opinion, TSLA has the leading autopilot system on the road and Hardware II will reinforce its technological advantage."

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Shares of Tesla Motors closed at $203.56 yesterday.

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Robert W Baird, Tesla, Ben Kallo

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