Skip to main content

Tesla (TSLA) - Get Tesla Inc 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.

Scroll to Continue

TheStreet Recommends

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