NEW YORK (TheStreet) -- Shares of Tesla Motors Inc. (TSLA) are slightly higher today at $262.42, as Barron's points out that the stock briefly touched a new high last week despite announcing that it had extended its warranty.
Pacific Crest analyst Brad Erickson lowered his earnings forecasts for the electric automaker but doesn't find any reason not to remain bullish on its shares, Barron's noted.
In part, he said that "we continue to believe Tesla's longer-term growth trajectory is underappreciated and that solid near-term execution will increasingly illuminate this for investors, grinding shares of Tesla higher."
His price target on Tesla's shares is $316.
Must Read: 50 Stocks Hedge Funds Love
TheStreet Ratings team rates TESLA MOTORS INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TESLA MOTORS INC (TSLA) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and poor profit margins."