Tesla Is Having a Party for Model 3 Buyers That Could Also Ignite Its Stock
Tesla (TSLA) - Get Report stock could be poised to rally this week ahead of Friday's Model 3 "Handover Party," Baird analyst Ben Kallo said, according to Bloomberg.
The event is expected to offer more details about the upcoming Model 3 and could serve as a positive catalyst for Tesla stock. Kallo said he sees Model 3 margins ramping faster than both the Model S and the Model X margins did.
Baird suggested investors buy any weakness associated with Tesla's second quarter earnings expected August 2. Long-term prospects continue to breed optimism, Kallo wrote.
Baird reiterated an "outperform" rating for Tesla with a $368 price target, implying an 8% upside for the stock from its Tuesday closing price. Tesla shares traded down 0.7% on Wednesday morning.
More of What's Trending on TheStreet:
- AMD Surges in Premarket Trading After Chipmaker Blows Wall Street Away
- No Good Stock Left Behind: Cramer's 'Mad Money' Recap (Tuesday 7/25/17)
- Advanced Micro Devices Could Explode Another 17% Within Hours: Chart
- AMD's Strong Guidance Points to Market Share Gains and More Could Be On the Way
- GM May Slash Six Car Models to Combat Slumping Sales, Avoid Plant Layoffs
