Tesla price target raised to $350 from $275 at Barclays

Barclays analyst Dan Levy raised the firm’s price target on Tesla (TSLA) to $350 from $275 and keeps an Equal Weight rating on the shares. Tesla enters Q3 earnings with two contrasting “stories,” namely an accelerating autonomous and AI narrative bolstered by Elon Musk’s proposed comp package and a weakening fundamental backdrop, the analyst tells investors. The firm is expecting a Q3 EPS beat, supported by gross margin and volume strength, but is “leaning neutral to slightly negative” into the print following a recent rally given its “muted view” on fundamentals going forward, the analyst added in a preview.