UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Tesla Motors

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Tesla Motors TSLA, but lowered its price target from $39.00 to $34.00. Jefferies noted, “On Tuesday morning BMO, TSLA lowered its 3Q and 2012 production and shipment guidance and also announced a follow-on offering. We adjust our estimates and PT to account for the slower production ramp in 2012 and a more conservative outlook on 2013. We believe TSLA could become a longer-term story as the EV market develops; the next catalyst hinges upon volume shipments of the Model S. Jefferies is hosting a Tesla factory tour on Oct. 4.” Tesla Motors closed on Tuesday at $27.66.