Channel Checks Show Tesla Model X Owners 'Just Loving' Car, Compare Experience To 'Helicopter Cockpit'

Tesla Motors Inc TSLA shares kicked off 2016 poorly, down nearly 6 percent from where they closed December. 

The culprit was two-fold: A broader market selloff combined with fourth quarter shipments that hit the low end of the company's goal.

In a new note to subscribers, Global Equities Research analyst Trip Chowdhry explained why he is so optimistic about the stock and the Model X. Chowdhry holds a $385 price target on Tesla over the next 12 to 18 months.

Early Customer Satisfaction Channel Checks

"We now know of 3 TSLA Model X Owners," Chowdhry said. "These owners have given rides to their family members, relatives and friends...they were so impressed by Model X, that they also reserved a Model X."

Chowdhry said Model X owners he's talked to "are just loving" the car, adding that they liken the experience to "sitting in a helicopter cockpit." The analyst predicts demand to continue to outpace Tesla's actual production.

Employees Highly Motivated

In a visit to an area Tesla factory, Chowdhry added that Tesla workers appear "high-energy and motivated...they were working on the New Year Weekend, as if it was a regular working day."

Chowdhry added that, according to his channel checks, the Model X is getting more "visible" in the Bay Area.

Tesla shares are flat on Tuesday. The company is estimated to report earnings in the second week of February.