UPDATE: Jefferies Raises PT on Tesla Motors Following 2Q Beat

In a report published Thursday, Jefferies analyst Elaine Kwei reiterated a Buy rating on Tesla Motors TSLA, and raised the price target from $130.00 to $160.00.

In the report, Jefferies noted, “TSLA posted a 2Q beat on all key metrics including deliveries, margins, and earnings. TSLA delivered 5,150 Model S vehicles in North America, with a gross margin of 22%, and was profitable on a non-GAAP basis. TSLA reiterated 2013 shipment and margin guidance but hinted at expansion past 25%. TSLA will present at the Jefferies Global Industrial Conference on Monday, August 12.”

Tesla Motors closed on Wednesday at $134.23.