Tesla Motors Inc(NASDAQ:TSLA) CEO Musk Committed to Stay

Tesla Motors Inc(NASDAQ:TSLA) CEO Musk says he has committed to remain the CEO “at least” until high-volume is achieved for the third-generation Model X, which should mean he will stay in the position for at least the next four or five years, after which he will reassess.

Also, Tesla CEO Elon Musk noted that Tesla sales in the U.K. begin this week. Musk repeated the company’s forecast for gross margin improvement and 28% gross margin by end of year. The CEO says the company is “getting quite advanced” with progress on its Gigafactory planning and that its partner Panasonic (PCRFY) is getting more comfortable with Tesla’s cost reduction targets.

Musk said at the company’s shareholder meeting that he is “confident” the company can achieve its battery cost reduction target of over 30% and that the company may actually be too conservative with that target.

Analysts have a consensus price target of $223 on Tesla Motors Inc(NASDAQ:TSLA) which indicates a 9% upside. The consensus rating of the stock is a BUY with a score of 2.50. There are currently 6 Buy ratings, 9 hold ratings and 1 strong buy rating on the stock. A recent analyst action consisted of Morgan Stanley reiterating their price target of $320.

Tesla Motors Inc(NASDAQ:TSLA) has a 50 day moving average of $201.15 and a 200 day moving average of $187.49. The company has a market cap of $25.19B and a current quarter EPS consensus estimate of $1.19.

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