Tesla's (TSLA) Price Target Raised to $355 at Dougherty

Dougherty & Co maintained a Buy rating on Tesla Motors (NASDAQ: TSLA) and raised its price target to $355.00 (from $330.00). The change is tied to an updated sum-of-the-parts analysis, which includes $25 for its energy storage business.

"In April, after three years of operating Tesla Energy in somewhat stealth mode, Tesla unveiled two energy storage products, and it appears that the company intends to do exactly that. CEO Elon Musk asserted that it is possible to power the entire world's energy needs by harnessing solar energy and storing it. Tesla would provide the "storage," which has been the missing piece of the solar puzzle," said analyst Andrea James.

"After speaking with a dozen experts and companies in this space, as well as conducting a nationwide survey of 30 solar panel installers, we believe that Tesla's entry into the grid storage market disrupts it. Tesla's primary advantage is in offering a turn-key solution, at scale and at favorable costs," continued the analyst.

James added, "Our new sum-of-the-parts price target is $355, which includes $330 for the automotive business and $25 for the energy storage business."

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 $245.92 yesterday.

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