Analysts are getting out on the road with the new Tesla Model 3, and they’re liking what they’re driving.
Guggenheim’s Robert Cihra took a spin in the latest Tesla (TSLA) model, writing that it’s just like a “true” Tesla, but much cheaper–and that’s good news.
He reiterated a Buy rating and $430 price target on the stock today. Cihra writes that Tesla had already planned for its Model S and X to be more “proofs of concept” for electric vehicles, while the Model 3 was to be the first car priced affordably, to create high volumes, and that once the production ramp issue is solved, Tesla will have succeeded.
From his note:
That said, Tesla didn’t provide any update on the production ramp to Cihra.
The shares are trading down slightly this morning.