Credit Suisse Talks Tesla's Stationary Storage, New Products In New Note

In a report published Monday, analysts at Credit Suisse maintained their Outperform rating on

. The price target was also maintained at $290. The analysts expressed their optimism regarding the company's 2015, driven by product improvements. "We believe recent improvements to Tesla products have expanded the addressable market by ~75% and will drive incremental demand. Backlog appears very solid in the 8-9 week range, as US orders today are delivered in June, Europe orders in July, and China orders in late July," the analysts stated. While the analysts expect that the company to meet its volume guidance for Q2 and the full year, they also expect Tesla's addressable market to double with the launch of Model X. In addition, the analysts said, "Improvements to Model S will lead to a better initial Model X: It's now clear that, despite glowing early reviews, the initial Model S was well-below its potential and required significant ongoing engineering focus." The analysts have revised their EPS estimates for 2015 and 2016, due to weakness in the euro, from $0.73 from $0.12 and from $4.50 to $3.80. "Beyond Q1, seq delivery growth of 2,000+ units / qtr throughout 2015 should lead to $70MM-$80MM of seq gross profit / qtr ($0.45 - $0.50 EPS)," the analysts added.