It's No Joke, Evercore Values Tesla Stock At $310

Model 3 unveiled by Tesla Motors Inc TSLA exceeded all expectations. Evercore ISI’s George Galliers maintained a Buy rating for the company, with a price target of $310, saying that Model 3 could be a Game Changer.

The Game Changer

Model 3 could “play a critical role” in expediting the auto industry’s transition from internal combustion engine to electric, analyst George Galliers stated. Tesla seems to be the only OEM committed to this path to date.

Tesla announced that Model 3 orders had crossed the 130k mark within the first 24 hours. Galliers pointed out that this figure is more than double the orders that investors surveyed had projected during the first 72 hours. He added, “Indeed, it is more than the 117k units that investors expected on a cumulative basis by the end of the year.”

The analyst commented that what is more remarkable than the high number of orders is that most of them were placed before Model 3 was unveiled. “Having seen the interior and exterior of the car as well as the base specification, it is difficult to see why orders should not continue to increase at a decent rate over coming months.”

The Evercore ISI report noted that Tesla has been through Part 1 of the Model 3 reveal, and CEO Musk has described the second part as “super next level, but that’s for later.”