Oppenheimer Reviews Tesla's Model X: 'Impressive As Expected'

• Tesla Motors Inc TSLA CEO Elon Musk on Tuesday presented the new Model X to the public.
• Reactions were mostly positive, and Oppenheimer analysts were no exception.
• Shares of Tesla were down more than 1 percent on Wednesday.

After Tesla unveiled its newest car, the Model X, Oppenheimer analysts Colin Rusch and Noah Kaye issued a report reiterating and Outperform rating and $340.00 price target on the stock. According to the note, the new eclectic vehicle was “impressive as expected.”

The analysts continue to believe that a successful launch and ramp of the new Model X are mostly priced into the company’s stock. However, “a ramp of the gigafactory, proving the market for stationary storage, and the Model 3 are still not reflected in the current price.”

Related Link: Tesla's Model X Is 'A Technology Masterpiece'

With that in mind, the firm published some thoughts on the launch of the Model X:

• Features: As Oppenheimer expected, the Model X features autonomous driving, extraordinary acceleration, unprecedented handling and safety, and the usual luxury feel that Tesla vehicle have.
• Surprises: There were no big surprises, given that expectations were very high. However, a few details and the car’s safety performance were better than anticipated. The report adds, “the Model X lived up to its billing as the most advanced vehicle for sale in its class.”

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.