Here’s What Guy Adami Believes About Price Target of Tesla Motors Inc (TSLA)’s Stock

Just a few weeks back Tesla Motors Inc (NASDAQ:TSLA) stock was trading below the $200 mark. Investors thought that the downward spiral could take the stock all the way down to $177 a share. Sentiments have since changed, and the stock looks more of a $300 stock it once was, thanks to an upgrade from Jefferies that now has a price target of $350 a share. However, CNBC contributor, Guy Adami, believes the price target may be off the mark, even though the stock looks more of a strong buy as it continues to trade above the $225 mark.

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Stay Long Above $225

Things are slowly panning out for the Palo Alto automaker seen by impressive deliveries in the first quarter that came in at a high of 10,030; the highest mark ever seen in the first quarter. The unveiling of the battery business is another frontier that has got the Street moving in terms of the company’s long-term prospects; seen as a potential revenue stream away from the car sales business.

“I don’t agree with the $350 price target I think that might be a little pie in the sky, I don’t know when the duration of that call is. But I do think you stay long this stock against $225 something we’ve said now for quite some time. Technically this stock has done everything you wanted it to do,” said Mr. Adami.

Ahead of the earnings call Tesla Motors Inc (NASDAQ:TSLA) continues to attract attention from investment firms having been the subject of huge bets on the short side for a couple of months. The automaker is slowly ramping up its efforts in China, a key market of growth that was marred with growth concerns on the company failing to meet its sales target last year.

Tesla Selling Used Cars

Sales concerns in China might have been blown out of proportion according to Dan Dolev, a research analyst at Jefferies, who also affirms a strong buy on the stock. The EV giant has also announced plans to engage in the old car business as it moves to offload used versions of Model-S, after unveiling a pre-owned vehicle program. However, the program could be hampered by the limited supplies with the program only open to 11 cities across the U.S.

Tesla Motors Inc (NASDAQ:TSLA) will be heading into the earnings call at the back of an impressive bullish run that could be cemented by positive news on the revenue front, as well as a positive second quarter guidance.

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