NEW YORK (TheStreet) -- The broader market finished slightly lower in Tuesday's trading session. Tesla Motors (TSLA) CEO Elon Musk, called his stock a "good deal" near current levels and addressed the Model S fire issue.
On CNBC's "Fast Money" TV show, Steve Grasso of Stuart Frankel & Company said TSLA needs to hold $140. If it fails, then $125 will be the next level of support, followed by $105.
Tim Seymour, managing partner of Triogem Asset Management, said the company has to increase its production 60-fold by 2025 in order for its valuation to be justified. He added that many investors are assuming there won't be much competition either, which is not likely.
Brian Kelly, founder of Brian Kelly Capital, said if most of the institutional investors have stepped out, he wants to buy the stock before they get back in. He added that eventually the momentum will return, but investors need to wait for a strong intraday reversal.Efraim Levy of S&P Capital IQ was a guest on the show and said the company shouldn't recall the Model S, because the fires don't seem to be an issue. He reiterated the car's top safety rating and likes the company, but believes the stock premium is too high. His firm has a sell rating with a $140 price target. Switching to technology, Seymour said he likes Yahoo! (YHOO) because of its large stake in Alibaba, which is expected to IPO in the near future. Kelly said investors can buy Intel (INTC) because of its solid dividend yield. He added that higher interest rates shouldn't hurt the stock that much. Grasso said Hewlett-Packard (HPQ) can continue to go higher amid potential 3D printing acquisitions and its cloud business.
Guy Adami, managing director of stockmonster.com, said Cisco Systems (CSCO) isn't very interesting, but could move up to $25. Hedge fund manager Dan Loeb announced a long position in FedEx (FDX) and Adami said he likes the story going forward, despite the run in share prices. Kelly added that investor could use $130 as a stop-loss target.
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