Tesla (TSLA) Being Defended at Credit Suisse

Tesla (Nasdaq: TSLA) is coming off the lows as Credit Suisse analyst Dan Galves is out defending the stock after an earlier Dow Jones report. Shares remain down 4.8%.

Galves noted that, up until now, no financial institution would underwrite a lease on Tesla's Model S sedans due to potential loss of residual value. The analyst thinks that US Bank's move indicates that risk has largely subsided.

Galves wouldn't directly comment on today's September sales reports, only indicating that headlines have been too misleading. The analyst believes that it isn't a surprise that Tesla's U.S. sales would be down with the company recently entering European and Asian countries and working to meet demand in those new markets.

Reports might have indicated to market watchers that the Model S is now selling at a discount, with US Bank being able to cut lease costs by up to 25 percent. That move, again, is associated with less resale risk on the Model S and is not an incentive from the automaker or bank.

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