Baird Declares Tesla Motors Its Top Stock Pick For 2017
Baird is one of the largest investment firms in the U.S., overseeing over $150 billion in client assets. The firm also has offices in Europe and Asia. Baird analyst, Ken Ballo, chose Tesla Motors as his 2017 top pick. He gave it an “Outperform” rating and a price target of $338. The stock is currently priced at $214.68. Kallo explained:
“We think the ramp of Tesla Energy and Model 3 production could exceed expectations during 2017, and believe the opportunity is not currently reflected in share prices.”
Kallo also noted that Tesla’s Powerwall 2 is competitively-priced, and we should see Tesla gaining ground in the home and business market. Tesla is also seeing growing interest in its larger, utility-scale Powerpacks.
“We believe Tesla battery sales are accelerating, and we should see additional benefits from the battery production ramp coinciding with the launch of the Model 3. We recommend accumulating shares ahead of additional details being released about Tesla’s current battery costs and density metrics, and believe the upcoming Gigafactory tour on January 4 will be a positive catalyst for the stock.”
Baird executives will be enjoying a tour of the Gigafactory on January 4th, and hosting a dinner for Tesla Management.