UPDATE: Dougherty & Company Reiterates Buy Rating, Raises PT on Tesla Motors Following Company Update

In a report published Wednesday, Dougherty & Company analyst Andrea James reiterated a Buy rating on Tesla Motors TSLA, and raised the price target from $90.00 to $200.00. In the report, Dougherty & Company noted, “Since May, Tesla reported a quarterly profit, raised capital at $92.24 per share, paid off its Dept. of Energy loan, and received a major Consumer Reports endorsement on its flagship Model S, which knighted Tesla as having designed the best‐performing product in the $1.5 trillion global auto market. It's no surprise that there has been a valuation reset on Tesla shares. From powertrain design to retail store strategy to advances in supercharging to battery swapping, Tesla and its archetypal all‐electric Model S are disrupting the automobile market. We do not believe that Tesla's market potential, engineering prowess or future promise has changed. Tesla is executing to plan. Yet at the same time, we believe that TSLA's stock is an easier buy at $120 than at $30,simply because the recent execution makes it clearer than ever how Tesla can advance from here. For most of 2010 and 2011, Tesla was a story stock that traded on expected performance two‐to‐three‐years out. That dynamic remains, only the story has now advanced to the 2016+ horizon.” Tesla Motors closed on Tuesday at $109.05.