UPDATE: Jefferies Raises PT on Tesla Motors Following Big 1Q Beat

In a report published Thursday, Jefferies analyst Elaine Kwei reiterated a Buy rating on Tesla Motors

, and raised the price target from $68.00 to $70.00. In the report, Kwei noted, “Wednesday after the close, TSLA posted big beats on deliveries, revenue, and earnings, driving the stock up approximately 25% in afterhours trading. TSLA's 1Q results demonstrated significant progress on costs in its first quarter at a full production run rate. The company raised FY2013 delivery guidance in a show of confidence. And things are just getting started.” Tesla Motors closed on Wednesday at $55.79.