Baird Reiterates Bullish View on Tesla (TSLA) Following SolarCity (SCTY) Merger Approval
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Baird analyst Ben Kallo reiterated an Outperform rating and $3387 price target on Tesla Motors (NASDAQ: TSLA) after shareholders voted to approve the SolarCity (NASDAQ: SCTY) acquisition with an 85% vote.
Kallo commented, "Although the acquisition was controversial, we see potential long-term benefits as TSLA has identified growth opportunities (solar roof/ complete energy systems) and SCTY is shifting toward cash sales and to become less reliant on capital markets. We believe this removes an overhang and should allow investors to look forward to important growth drivers, including the ramp of the Gigafactory and Model 3. We expect shares to trade higher as TSLA executes."
Shares of Tesla Motors closed at $188.66 yesterday.
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Related EntitiesRobert W Baird, Tesla, Definitive Agreement, Ben Kallo, Model 3
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