Published: Tue, September 11, 2018
Technology | By Lionel Gonzales

Buy Tesla on 'Significant Barrier for Competition': Baird

Buy Tesla on 'Significant Barrier for Competition': Baird

The gains also came after Musk himself said in an email to employees late Friday that the company was on track for the "most wonderful quarter in our history" and urged employees to ignore "fuss and noise" about the company in the media.

Tesla will reduce the number of paint options available for the Model S, Model X and Model 3 in a bid to improve production efficiency.

In what could only be described as a dash of irony, Tesla recently received an optimistic outlook from a longtime critic as well.

Shah slashed his price target on Tesla to US$300 from US$400 citing the "erratic behavior of CEO Elon Musk". Baird published a bullish note on Monday, recommending traders continue to "buy even with drama".

Musk began feeling pressure mid-2017 when his company hit roadblocks in production.

A Tesla spokesperson referred to previous comments in which Musk said Tesla expects to turn a profit in the third and fourth quarters.

"While negative headlines around management turnover and executive leadership could be an overhang, we are labelling TSLA a "Fresh Pick" as we believe strong fundamentals should drive shares higher", Ben Kallo and David Katter, analysts at Baird, said in a note on Monday.

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Shares of Tesla dropped 2 percent in early trading.

The Tesla logo is seen at the entrance to Tesla Motors' new showroom in Manhattan's Meatpacking District in New York City, US, December 14, 2017. The company is trying to iron out production bumps after struggling to produce Model 3 sedans and failing to meet several production deadlines.

Some customers have reported significant problems with their Model 3s and other Tesla vehicle shortly after receiving them, and Business Insider reported in August that a much higher percentage of Model 3s produced at the end of June required rework than a car at the average auto plant.

"Longer-term, however, we remain neutral on Tesla, as we believe the stock is unlikely to meaningfully break out of this range until investors get clarity on normalized Model 3 gross margins/profitability, as well as product quality", Sacconaghi said.

"That's laughable", the employee said of Musk's prediction.

Shares have lost 20% over the past month and are down 8% this year. The Motley Fool owns shares of and recommends Tesla.

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