Chowdhry Reiterates Tesla $385 Price Target, Overweight; Says It Can 'Easily' Hit 62K-65K Auto Deliveries This Year

In a report published Thursday, Global Equities Research analyst Chowdhry reiterated an Overweight rating and price target of $385 on

. The analyst expects the company to beat its guidance both in terms of deliveries and production for FY2015. The analyst believes that Tesla Motors' fundamentals are strong and that the company could achieve auto deliveries of 62,000-65,000 in FY2015. "In 2Q'2015, TSLA has delivered 11,507 Units ahead of our estimate of about 11,250 Car Units; Tesla had guided to 10,000 to 11,000 Units delivered," Chowdhry reported. The delivery numbers suggest that the company is likely to have produced about 13,450 car units in 2Q15, ahead of the estimate of 13,100 and the guidance of 12,500. The analyst expects Tesla Motors' ASPs to have grown 5 percent, year on year, given that about 90 percent of the unit shipments were of Model D, which has higher ASPs.