Wunderlich Sees Upside to Tesla's (TSLA) Production Guidance; Upgrades to Buy

Investors in Tesla (Nasdaq: TSLA) are shrugging at news of an executive resignation Monday morning, and instead deciding to focus on an upgrade from Wunderlich's Theodore O'Neill. The stock is up more than 6.5 percent from Friday's close.

O'Neill now rates Tesla shares a Buy, up from Hold previously. The analyst boosted his price target on the stock by 63 percent from $30 to $49.

O'Neill believes the company's previously-issued 2012 production guidance calling for 5,000 units total will end up being conservative. The analyst argues the company might be able to "immediately" ramp production to that level in just a quarter and, moreover, continue at that pace. O'Neill also pointed to funding requirements which seem to be more favorable than expected; he believes the company will not need financing next year.

With Tesla shares last trading at $36.37, Wunderlich's new price target represents potential upside of about 35 percent.

To track all the market-moving analyst action on shares of Tesla, visit our Analyst Ratings page.

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