UPDATE: Maxim Group Maintains Buy on Tesla; $50 PT

Maxim Group maintained a Buy rating on Tesla Motors TSLA and a $50 price target. Maxim Group wrote, “While TSLA reported 2Q12 downside, we expect attention to focus solely on trends for the Model S that do not take the stage until 2H12. While production has kicked off slower than planned—500 targeted for 3Q12—we believe its 5k target for 2012 is in reach as we believe the slow start seeks to iron out kinks and avoid a wide recall and management has a proven track record of ramping faster. Plus, the surge in July reservations to a 2,600/qtr. pace (after dipping 6% Q/Q to 1,700 in 2Q12) pushes it closer to its 25k target by 4Q13.” Tesla Motors closed at $28.95 on Wednesday.