Analyst More Than Doubles Target on Tesla to $200, Says Stock an 'Easier Buy at $120 Than at $30'

Dougherty & Co.'s Andrea James boosted her price target on shares of Tesla

by more than 120 percent from $90 to $200 Wednesday morning. The analyst cited the nature of the company's "disruptive technology." James pointed to several catalysts which came ahead of "valuation reset" on Tesla shares: "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." James does not feel the "market potential, engineering prowess or future promise" coming out of Tesla has changed and believes the company's management is "executing to plan." Moreover, the Dougherty analyst called Tesla "an easier buy at $120 than at $30." James cited "he recent execution makes it clearer than ever how Tesla can advance from here." James concluded the note with: "We ultimately believe that TSLA is a $300 stock at the factory's maximum capacity, which we hair cut to $200 for the execution risk." Dougherty maintains a Buy rating on shares of Tesla. With the stock up 7.5 percent to $117.25 at last check, James' new price target implies potential upside of about 71 percent.