Shawshank, VA 6/20/12 (StreetBeat) -- Tesla Motors (Nasdaq: TSLA) shares are trading higher this morning after Goldman Sachs analyst Patrick Archambault this morning repeated his Buy rating on the stock, lifting his target price on the electric car maker’s shares to $50, from $36.“We see significant positive catalysts ahead,” the Goldman analyst writes in a research note. “The company is approaching a number of critically important benchmarks that we expect to be supportive to the shares. First is the launch of the Model S this month, which is tied in with an event the company will be hosting on Friday, June 22, where investors/customers/analysts will be able to test drive production versions of the Model S for the first time. The company will then take 10 ‘tryout vehicles’ to its stores where it intends to conduct test drives for about 45 days. We expect press reviews of the vehicle to come out in the July/August timeframe. After this initial assessment phase we expect attention to turn to the production ramp with the company targeting around 4,000 units of production in 4Q12 and a move to a slight free cash flow positive state.”
Archambault lifted his 2013 EPS forecast for the company to $1.36 a share from $1.17; for 2014, he now sees $2.99 a share, up from $2.95.
TSLA this morning is up $1.71, or 5.3%, to $33.80.
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