Baird sees near-term pressure for shares of Tesla

Baird analyst Ben Kallo expects shares of Tesla Motors (TSLA) to face pressure in the near-term after the electric car-maker reported weaker than expected deliveries for Q2.

Tesla, however, had greater than 5,000 vehicles in transit at quarter-end and nearly reached its targeted production rate of 2,000 vehicles per week, Kallo tells investors in a research note. The company continues to make positive strides in increasing production, the analyst argues. He recommends buying Tesla shares any weakness. Kallo keeps an Outperform rating on the stock with a $338 price target. Tesla is down 4%, or $7.62, to $208.88 in pre-market trading.