Tesla's Model X Is 'A Technology Masterpiece'

• Elon Musk unveiled Tesla Motors Inc (NASDAQ: TSLA)’s new Model X on Tuesday
• Global Equity Research believes the Model X will be a huge hit for Tesla
• The firm maintains its $385 target for Tesla’s stock

Iconic Tesla CEO Elon Musk unveiled the company’s highly-anticipated Model X on Tuesday, and Global Equities Research was part of the 5,000-member audience at the event. In a new note, the firm updated its outlook for Tesla following the unveiling and outlined what investors can expect from the Model X down the road.

About the Model X
The Model X is somewhat of an SUV crossover, defined by its power and stylish, futuristic falcon-wing doors. It has seven seats, but can accelerate to 60 mph as quickly as a Porsche 911.

“The Model X is going to be a phenomenal car,” Musk said. With a reported price tag upwards of $132,000 for the P90D Signature and $142,000 for the P90D Founder editions, the Model X has a lot to live up to.

‘Technology masterpiece’
Global Equities Research was very pleased by the unveiling and sees the Model X as a work of engineering art. “TSLA Model X will be a phenomenal success-demand for Model X will outstrip the supply,” the firm’s note reads.

Global Equities Research is projecting that Tesla could deliver 89,000 auto units in fiscal 2016 and maintains its $385 target for Tesla’s stock based on 5.4x projected 2016 revenue of $9.11 billion.

“We are increasingly getting confident that TSLA will be able to achieve 1,600 to 1,800 per week production capacity in CY2016,” the firm adds.

Order now
For those interested in owning a Model X, Tesla has updated its website with new information on the vehicle. Buyers who want to reserve a Model X must make a $5,000 down payment to place a reservation.

Disclosure: the author holds no position in the stocks mentioned.