Tesla (TSLA) Fetches Street-High, $500 Price Target at Dougherty

April 1, 2016 8:37 AM EDT
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Price: $190.41 -0.94%

Rating Summary:
    30 Buy, 20 Hold, 9 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 9 | Down: 10 | New: 12
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Dougherty & Co reiterated a Buy rating on Tesla Motors (NASDAQ: TSLA) with a Street-high price target of $500.00 (prior $355.00). Yesterday Tesla unveiled its Model 3 and booked over 150,000 reservations. Analyst Andrea James described the event as "history making."

"At the end of his presentation, CEO Elon Musk did not drop the mic and walk away. But he could have," said James. "Because Tesla has changed the game again. In one day, Tesla generated at least 150,000+ reservations, representing an order book of $6bn in revenue, and generating $150mm in zero-cost capital from the $1,000 customer deposits. (Note that the 2010 IPO added $190mm to the balance sheet.) "

"Over six years, we have extensively researched the entire Tesla ecosystem. We've spoken with vehicle electrification experts and representatives from Daimler, Nissan, Toyota, Honda and BMW. We've met with Tesla's management, robotics suppliers, customers, sales reps, cell competitors to Panasonic, third-party suppliers with access to the factory floor, and even local bartenders who serve drinks to the workers at shift change," continued the analyst.

"Our research supports this conclusion: Tesla is solving a different set of equations than the rest of the auto industry," James added. "The disruption story builds,"

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 $229.77 yesterday.

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