Baird Would Be 'Aggressive' Buyers of Tesla (TSLA) Following Over ~$5B in Initial Pre-Orders

Baird analyst Ben Kallo reiterated an Outperform rating and $300 price target on Tesla Motors (NASDAQ: TSLA) after the releaes of the Model III prototype and very strong pre-orders.

Kallo commented, "The Model III remains on schedule for late-2017 deliveries and the base vehicle features were better than expected. Additionally, the vehicle did not look too complex in comparison to the Model S/X, which should allow for an easier production ramp. Importantly, initial reservations in the first 24 hours were >100k vehicles, which greatly exceeded our expectations"

They estimate the average Model 3 will have a ~$45k ASP, which would make the initial reservations of ~115k vehicles be equal to ~$5.175B in revenue.

The analyst said they would be aggressive buyers at current levels.

For an analyst ratings summary and ratings history on Tesla Motors click here. For more ratings news on Tesla Motors click here.

Shares of Tesla Motors closed at $229.77 yesterday.

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