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A $400 Price Target Tesla Motors Inc.

Apple Inc. Tesla Motors Inc Car

Stifel has reiterated its Buy rating and $400 price target for Tesla Motors (Nasdaq: TSLA), the popular electric car and battery maker.

Tesla Motors, Inc.

According to Analyst James Albertine of Stifel, “Our updated model reflects the pull forward of investments in future vehicles, production capabilities, alternative industries, and ultimately in the establishment of TSLA as an energy storage company relative to an auto manufacturer.”

Stifel warns investors that they shouldn’t expect much of a lift from the recently announced Powerwall home battery product near term. He acknowledges however that the potential market for stationary energy storage products is enormous and could approach up to 4 million households around the world over the next 5 – 7 years.

The Tesla Powerwall is a battery for home electricity storage. It comes in two sizes, 7kWh and 10kWh which cost $3,000 and $3,500 respectively. Owners can stack up to 9 units to extend storage capacity. A larger version called PowerPack is designed for commercial clients. It comes in 100kWh blocks that can be stacked infinitely to meet the needs of any project.

These new batteries could offer an effective and affordable solution for businesses and homes in countries that deal with power grid instabilities that result in unexpected power outages.

Stifel is staying with its 4Q15 estimate of 4500 Model X deliveries. They expect Model X production to ramp up similarly to what we saw with the Model S in 2012-2014. They do however expect to see some benefits from efficiencies of scale, increased customer awareness, and a more mature state of production.

Regarding the $400 price target Albertine adds, “We believe progress made on further Model S sales globally, the ramp in the Model X, construction of the Gigafactory driving lower battery production costs TSLA’s entry into the stationary storage business and the further proliferation of TSLA retail stores, service centers and charging stations internationally remain key near-term catalysts”.

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David is cool! :)