Needham & Company reiterated its Buy rating and $40 price target on Tesla Motors saying premium segment strength should be beneficial and sees a bullish outlook during the Q1 call.
The firm comments, "In our view, the recent pullback in TSLA share price is surprising as the company seems to be executing to plan. The Model-S is still on schedule, on track for mid-year delivery. In addition, the luxury vehicle segment where Tesla Motors' participates is healthy. The BMW, Audi and Mercedes-Benz brands all experienced double-digit growth during calendar 1Q12. We expect the company to provide a bullish outlook during its 1Q12 earnings call, scheduled for May 9th."
The firm comments, "In our view, the recent pullback in TSLA share price is surprising as the company seems to be executing to plan. The Model-S is still on schedule, on track for mid-year delivery. In addition, the luxury vehicle segment where Tesla Motors' participates is healthy. The BMW, Audi and Mercedes-Benz brands all experienced double-digit growth during calendar 1Q12. We expect the company to provide a bullish outlook during its 1Q12 earnings call, scheduled for May 9th."