Oppenheimer: Tesla Worth $340

Tesla Motors Inc TSLA is up almost 8 percent on the day, trading at $155.02 amid much analyst chatter following the Wednesday Q4 earnings release.

While the quarterly results are being viewed as predominately mixed, the general consensus is that despite a few blips in the report, the print and guidance were healthy.

Oppenheimer: Reiterate Outperform, Updated Estimates, Price Target At $340

According to analysts at Oppenheimer, the positives from the Q4 print are effectively undoing the bearish sentiments toward Tesla, "We believe much of the bear case is getting dismantled as it is predicated on weakness in demand and manufacturing efficiency."

Related Link: UBS Still Selling Tesla, Thinks Cash Flow Guide Seems Misleading

Citing investor concerns over the Gigafactory and the remaining cash worries in general, the analysts adjusted opex spending higher:

• 1Q16 non-GAAP revenue/GM/Non-GAAP EPS of $1.62 billion/25 percent/$0.08
• Modeling 16,000 unit sales
• 2016 estimates adjusted up to $7.8 billion/26.6 percent/$2.50
• Fiscal year 2016 unit sales now at 80,500.

Remaining "constructive on shares," the analysts applauded Tesla's guidance ahead of the Street, commenting, "We think the FY guide should quell some of the skepticism around the ramp in production."

Base Case And Catalysts

The analyst note outlined the base case assumption for Tesla as "modest reception of Model X and stationary storage products" and the company reaching the "low end of 80,000 vehicle shipment guidance for 2016."

Catalysts for the company included: 1) reaching profitability on GAAP basis by the fourth quarter of 2016, 2) early 2016 launch of Model 3 and 3) vehicle production and Gigafactory progress.