Citi analyst Itay Michael started Tesla shares with a Neutral rating and $357 price target. The shares closed yesterday down $2.98 to $325.26. The analyst is positive on Tesla's position as the "car of the future leader," and thinks upside from current levels could "still be significant," but he prefers to wait for a better entry point.
Michael would like to see a stronger balance sheet or "convincing signs of a smooth Model 3 ramp with limited Model S cannibalization" before getting more positive on the shares. Both the bull and bear cases on Tesla shares "carry some merit," the analyst tells investors in a research note.
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