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In a report published on Thursday, Wedbush analyst Craig Irwin initiated coverage on
Tesla MotorsTSLA with a Neutral rating and a $110 price target.
In the report, Wedbush stated, "We see strong positives in a credible path to longer-term battery cost reduction and the Gen-III vehicle target costs, counterbalanced by remaining uncertainty in intermediate and longer-term sales volumes. We would want to have higher confidence in the rate of market penetration beyond Tesla's well identified early adopters before taking a more constructive view on the stock."
Tesla Motors closed on Thursday at $109.25.
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