UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Tesla Motors Following 4Q EPS Report

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

, and raised the price target from $190.00 to $220.00. In the report, Jefferies noted, “TSLA posted 4Q non-GAAP EPS of $0.33, beating our estimate of $0.29 and consensus of $0.23. The strength came from higher ASPs on a richer mix of sales and deliveries to Europe. We think 2014 guidance for 35,000 deliveries, 28% gross margin by 4Q, and a production rate of 1000 cars/week by yearend upsided expectations. TSLA plans to hold a special call/announcement on its ‘gigafactory' for battery production sometime next week; no details were provided.” Tesla Motors closed on Wednesday at $193.64.