UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Tesla Motors Following Positive News From Germany

In a report published Tuesday, Jefferies analyst Elaine Kwei reiterated a Buy rating on Tesla Motors TSLA, but lowered the price target from $210.00 to $190.00. In the report, Jefferies noted, “Last night after the close TSLA disclosed that the German Federal Motor Transport Authority came to a favorable conclusion in its investigation of the recent crash-related Model S vehicle fires. We think this should provide greater confidence that the NHTSA investigation will result in a favorable outcome in the U.S. as well, providing a positive catalyst for the stock.” Tesla Motors closed on Monday at $124.17.