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Tesla is closing in on its all-time high on Monday, trading up 1.88% at $364.59 a share after a pair of Wall Street analysts raised their price targets for the stock.
One of those Wall Street upgrades was from Baird Research's Ben Kallo, who is the fifth best-rated Tesla analyst, according to Bloomberg.
Research - Note - Clients - Monday - Kallo
In a research note sent out to clients on Monday, Kallo said he was lifting his price target from $368 to $411 a share as the firm remains "positive on TSLA’s long-term prospects, and think the vehicle’s introduction to the market will take several months and coincide with positive catalysts, such as vehicle reviews, production updates, and progress toward >20% gross margins."
Kallo believes the Model 3, Tesla's vehicle priced for the masses, will see a similar reception on Wall Street as the launch of the Model S luxury sedan. After trading lower for a handful of months following the Model S launch in June 2012, Tesla shares were up nearly 200% a year after the vehicle's launch.
Performance - Introduction - Model - Model - S
"Importantly, we expect performance following the introduction of the Model 3 will more closely mirror the Model S than the Model X; TSLA now has experience ramping production of vehicles (which should mitigate the risk of production delays, as seen with the X), designed the Model 3 for manufacturability, and has a...
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