UPDATE: Goldman Sachs Upgrades Tesla Motors to Buy, Maintains PT at $35

Goldman Sachs raises its rating on Tesla Motors TSLA to Buy from Neutral and reiterates its $35 target price as it sees selloff in company shares as overdone. Goldman Sachs notes, "Following Friday's selloff TSLA shares are now 35% off the November 16 peak (vs. the S&P up 4%), which we think provides an attractive entry point. The departure of chief engineer Peter Rawlinson is negative, but we see sufficient time to manage the departure with the Model S program having moved on to the manufacturing stage and with the Model X not slated for production for approximately 1.5 years. While Tesla's business model is far from risk free, we believe the company's unique power-train technology, strong breadth of expertise, and liquidity make for a favorable risk/reward." TSLA closed at $22.79 per share on Friday.