UPDATE: Global Equities Research Initiates Coverage on Tesla Motors with Overweight Rating, $150 PT on New Transport Service Industry

In a report published Monday, Global Equities Research analyst Trip Chowdhry initiated coverage on

with an Overweight rating and $150.00 price target. In the report, Global Equities Research noted, “We are initiating coverage on Tesla Motors (TSLA) with an overweight rating and with a 12 – 18 months Price Target of $150. Tesla is creating a completely new $100 Billion Industry, which we at Global Equities Research call 'Transport-as-a-Service' (TaaS). Tesla has Mobility Vehicles, Software & Applications, Tesla Cloud, PowerGrid and futuristic Hyperloop, which we think may help Tesla capture about 60% of this TaaS Industry, which spans Anything and Everything between Bicycles and Hyperloop. Our 12 – 18 month price target of $150 on Tesla is based PE multiple of 2500x FY2013 estimates of $0.06, and on a PE multiple of 163x FY2014 estimates of $0.92.” Tesla Motors closed on Friday at $100.30.