UPDATE: Jefferies Reiterates Buy Rating on Tesla Motors, Says Delayed 10-K Not an Issue
In a report published Friday, Jefferies reiterated its Buy rating on Tesla Motors and maintained its $45 price target.
Jefferies reported that, “TSLA was forced to delay its 10-K filing last Friday, which caused some concern. According to the company, the filing was delayed due to a last-minute change in the auditors' policies for classifying cash flows, and was not due to any errors on TSLA's part. The change involved reclassifying certain funds from cash used in investments to cash used in operations ($31 million in 2012, $14 million in 2011), with no impact to the final cash balances, the income statement, or the balance sheet. We believe there is no reason for further concern at this time."
Shares of Tesla Motors closed at $30.23 on Thursday.
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