Baird Reiterates Bullish View on Tesla (TSLA) Following Q3 Deliveries 'Beat'

October 3, 2016 7:10 AM EDT
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Price: $237.75 --0%

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Baird analyst Ben Kallo reiterated his Outperform rating and $338 price target on Tesla Motors (NASDAQ: TSLA) after the company significantly beat the firm's delivery estimate in Q3.

Tesla announced it delivered ~24.5k vehicles in Q3, surpassing the firm's estimate of 21k. Management expects production to continue to ramp, indicating Q4 deliveries should meet or exceed Q3 numbers.

Kallo expects shares to trade higher as TSLA executed on production and reiterated 2H:16 guidance.

Meanwhile, the analyst expects bears to focus on the upcoming capital raise, but they continue to recommend shares ahead of the potential deal due to several upcoming catalysts, including: ramp of the gigafactory, additional news around the Model 3, and potentially the Paris Motor Show.

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 $204.03 yesterday.

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Robert W Baird, Tesla, Ben Kallo, Model 3

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