In a report published Monday, Baird’s Ben Kallo raised his price target on Tesla Motors (TSLA) stock to $275 from $245, and reiterated the automaker’s “Outperform” rating.
In the report, Kallo noted that Tesla is well positioned for positive results in Q2 through Q4, and on track to meet its 2014 delivery guidance of 35,000 Model S vehicles. The analyst, who believes recent pullback is already factored in the stock’s pps, said he remains bullish long-term due to several catalysts which include the ‘Gigafactory‘ site selection, partner announcements and updates on Tesla’s second production line.
Shares of Tesla are down $7.05, or 3.32 percent, to $205.18 in Monday’s midday trading. Ticker has gained 397% in the past 12 months.