UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Tesla Motors as Demand Trends Look Positive

In a report published Thursday, Credit Suisse analyst Dan Galves reiterated an Outperform rating on

, but lowered the price target from $325.00 to $290.00. In the report, Credit Suisse noted, "EPS loss of $0.13 was well-below consensus, on lower-than-expected deliveries (although in-line with buyside expectations) and higher-than-expected SG&A. We have made some modifications to our long-term revenue forecasts (largely due to the Euro/USD), which led to a reduction in our target price to $290 from $325, based on 20x our late-decade EPS estimate of $22, discounted back 3 years at 15%. We also lower 2015 / 2016 EPS to $0.73 / $4.50 from $1.54 / $5.80." Tesla Motors closed on Wednesday at $212.80.