Jefferies Reiterates Buy Rating, $39 PT on Tesla Motors

In a report published Wednesday, Jefferies & Company reiterated its Buy rating and $39.00 price target on Tesla Motors TSLA. Jefferies noted, “We lower our 3Q ests ahead of the Q to account for a slower ramp of prod following our plant tour & discussions with TSLA mgmt at the recent Model S drive event. We expect 2Q12 to be in line with guide of roughly flat rev with 1Q12; however, we expect the Street will need to lower 3Q12 ests. Our FY2012/13 ests are UNCH. We believe that any weakness tied to a 3Q12 earnings expectation reset should be viewed as a buying opp.” Tesla Motors closed on Tuesday at $35.96.