Baird analyst Ben Kallo reiterated an Outperform rating and $355.00 price target on Tesla (NASDAQ: TSLA) and thinks the recent move is the beginning of a longer advance for the share price.

The analyst stated "We continue to like the set-up for the balance of the year, despite the recent share move, as we believe further execution (beginning with the Q2 report) will help restore credibility and create a challenging short environment. Bear arguments have shifted to margins following the Q2 delivery release, though we think expectations have become overly negative and believe results could exceed estimates. Additionally, cash balance at the end of the quarter could be $4.5B+, which would be viewed favorably, in our opinion".

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Shares of Tesla closed at $255.37 yesterday.