Tesla (TSLA) Stock Price Target Increased at Jefferies

NEW YORK (TheStreet) -- Shares of Tesla Motors  (TSLA) are rising 0.48% to $266.43 in morning trading Thursday after its price target was hiked to $360 from $350 at Jefferies which reiterated its "buy" rating.

The firm also raised 2015 earnings estimates to $0.51 from $0.49 per share, with 2016 earnings estimates increased to $4.52 from $4.37 per share.

On average, owners were willing to pay 60% more for a Tesla, so that introducing Model III by 2017 should help Tesla tap into the $35,000 price point, Jefferies noted.

"Our detailed analysis of actual North America sales and pricing by make and model across more than 200 different models implies an aggregate global TAM (Total Available Market) of 19 million vehicles for Models S," Jefferies analysts said.

Additionally, customer survey highlights exceptional brand loyalty that 85% respondents noted that their next car would be a Tesla, Jefferies added.

Tesla Motors designs, develops, manufactures and sells electric vehicles, electric vehicle powertrain components and stationary energy storage systems.

Separately, 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, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."

If you liked this article you might like

Wall Street Deflates in Pullback After Fed Excitement, No Records for Dow

Your Guide to Making a Lot of Money on the Driverless Car Boom

Sorry Elon Musk but Artificial Intelligence Grows Jobs: Domino's Pizza CEO