Tesla Motors Inc. (NASDAQ:TSLA)’s impressive run in the market this year continued this week at the back of favorable ratings on the Wall Street as well as the announcement of plans to build a mega battery factory and the sorting out of trademark issues in China. Wednesday saw the stock rally, after research firm Pacific Crest Securities raised its price target to $316 compared to the current trading levels of $256. Dougherty & Co also rates Tesla high, with a target of $325.
Morgan Stanley (NYSE:MS) has also weighed into Tesla Motors Inc. (NASDAQ:TSLA)’s impressive run reiterating that the much awaited Crossover Model X electric car could considerably contribute an upside in the company’s stock, going forward. Tesla is already ranked the best automaker by Morgan Stanley with a share price target of $320. Colin Rusch, senior analyst at Northland Capital Markets, maintains a likelihood of greater upside on Tesla’s stock than currently being portrayed in the market.
Investment banks also continue to rate Tesla favorably high, with share price targets of between $250 and $275 mark. Goldman Sachs Group Inc. (NYSE:GS) is one of the few companies that rates Tesla Motors Inc. (NASDAQ:TSLA) low at $200 a share, with a ‘Neutral’ rating. Adding fuel to the settlement of a trademark issue in china is the announcement that the much awaited SUV Model X could surpass Model S in terms of success.
The Wall Street is closely following Tesla Motors Inc. (NASDAQ:TSLA)’s development in China, especially on how the company plans to handle its distribution and servicing operations. Tesla’s run on the market also comes on the back of posting impressive second quarter earnings highlighted by the company delivering 7,579 Model S vehicles against a target of 7,500 for the quarter. The company is on course to achieve its target of 35,000 vehicles for the year.
Tesla Motors Inc. (NASDAQ:TSLA)’s stock is already 50% up, since the start of the year; its impressive run has already caught the attention of, Joe Fahmy, managing director at Zor Capital, LLC, who has identified it as his next top pick. Fahmy has also dismissed comparisons of Tesla to other automakers reiterating the company has never experienced any recall compared to other players in the sector.