Tesla (TSLA)/Panasonic Relationship Hasn't Changed; Model X Looks Strong - Goldman Sachs Citing Management

Goldman Sachs maintained a Neutral rating on Tesla Motors (NASDAQ: TSLA) with a price target of $200.00. Comments follow investor meetings with Tesla in Chicago and Denver on April 8 and 9.

Analyst Patrick Archambault said, "The biggest surprise for us was the company’s own expectations for the Model X which has seen a significant rise in reservations on a global rotation to SUVs and whose volumes management believes could match the Model S. An all-new drivable prototype of the redesigned X should be out in 4Q14. The Models S build out is progressing well at a production rate of about 700 cars per week, which Tesla expects to step up in 2H with increased cell capacity by Panasonic and the introduction of a second S/X production line."

"There were press reports saying that Panasonic may be pulling out of the gigafactory. While the partners have not officially responded to the media reports, Tesla management categorically dismissed that any aspect of its commercial relationship with Panasonic has changed. Management appears to be sticking with its 6,400 delivery number for 1Q14, although we note registrations appear higher," he added.

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 $216.93 yesterday.

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