Bank of America Maintains Buy, PT of $36 on Tesla

In a company update, Bank of America reiterates its Buy rating and $36 price target on Tesla Motors Inc.

after a touring of the company plan, which affirmed differentiation and timeline. BofA's highlights from the plant visit include: “(1) the head of manufacturing is confident in hitting milestones and his experienced team's ability to deal with surprises that might arise; (2) the CFO reiterated the mid-teens EBIT target given Tesla's focus on high-end vehicles with a low fixed cost structure; (3) the company's technical differentiation is around efficiency, specifically battery range, motor efficiency, and inverter performance; and (4) Tesla will be introducing a $50K supercharger.” TSLA closed down 1.08 percent to 32.60 per share on Friday.