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Credit Suisse’s Dan Galves maintained an Outperform rating on Tesla Motors Inc (NASDAQ: TSLA), with a price target of $240.
Model 3 Unveil
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Galves does not expect “much incremental information” during the company’s Model 3 unveiling, scheduled for March 31.
“However, the real catalyst from the Model 3 unveil will be the first indication of demand for the car, in terms of initial reservations…and we think this will be a positive surprise,” Galves mentioned.
This, in combination with other potential for positive catalysts, such as continued evidence of the ramping of Model X, positive reviews of Model X and Tesla Motors meeting the Q1 delivery guidance, makes the near term risk/reward on the stock positive.
Vehicle Reservation
Reservations can be made in person till 8:30 pm from March 31 onwards at a Tesla store. After 8:30 pm, reservations can be made online.
Galves expects more than 100,000 reservations to be made in the first several weeks, through two key population pools, “1) The ~107k current Model S / X owners. Very few owners we've spoken to will NOT place a Model 3 reservation. 2) Those who have test-driven Model S, but can't afford it.”
The analyst believes that only about 15 percent of the people who test drive the Model S would actually buy the vehicle.
“We believe the reason Tesla conversion is lower is that there is so much interest from those who can't afford the current offerings,” Galves added.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.