The Report That Pushed Tesla Motors Up More Than 3%

Trip Chowdry, co-founder of Global Equities Research, commented on Monday that Tesla Motors Inc TSLA is a net beneficiary in a strong dollar environment.

Chowdry notes that 70 percent of Tesla's component suppliers are International and these components are used in 100 percent of Tesla's cars. Naturally, a strong dollar reduces the costs of 70 percent of its components, resulting in a net benefit for the company.

Chowdry adds that 50 percent of Tesla sales are domestic while 50 percent is international. The international customer's sensitivity towards performance-related issues like acceleration and instant torque allows the negative pass through of the foreign exchange to be "easier."

Bottom line, Chowdry believes that Tesla is one of the best technology-related stocks to own in a strong dollar environment.

Shares are Overweight rated with a $385 price target.

Image credit: Steve Jurvetson, Flickr