Citi maintains Neutral on Tesla Motors (NASDAQ: TSLA) price target of $367.00.

Analyst Itay Michaeli remains Neutral-rated but holds a positive view on the company following a meeting with management. The analyst notes the meeting supported his fundamental positive stance on the company but remains Neutral citing the potential for a better entry point, perhaps on a pullback. As it relates to risks that exist as Model 3 ramp proceeds, Michaeli comments "we sensed a level of confidence that recently identified issues are on their way to being fixed and that the new timetable to reach 5k/week (end of Q1’18) allows for some cushion." The analyst acknowledges an understanding of management's position when it comes to capital raises and believes the equity would react well with a significantly larger cash cushion to buffer various unforeseen downside scenarios.

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Shares of Tesla Motors closed at $302.99 yesterday.