Tesla's stock extends bounce after upbeat call from bullish Baird analyst - MarketWatch

Shares of Tesla Inc. TSLA, +5.63% rallied 2.4% in premarket trade Monday, after Baird analyst Ben Kallo said he believed demand concerns are "overblown," and that a "favorable update" at the upcoming annual meeting could help investor sentiment. Kallo reiterated his outperform rating and stock price target of $340, which is 66% above Friday's closing price of $204.50. Tesla's annual meeting is scheduled for Tuesday. Kallo said that based on leaked delivery data, the electric car maker appears on track to meet volume guidance. "Weak demand remains at the forefront as a bear argument, and while it appears Model S+X demand has softened, we continue to believe Model 3 demand is underestimated," Kallo wrote in a note to clients. "Positive updates in recent weeks, including leaked emails and reports of strong deliveries, appear to have improved sentiment on demand, which we view positively." The stock has bounced 14% over the past four sessions, after closing Monday at the lowest level since February 2016. Over the same time, the S&P 500 SPX, +0.86% has gained 4.7%.

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