'Fast Money' Recap: Considering Tesla
NEW YORK (TheStreet) -- The broader market finished slightly lower in Tuesday's trading session. Tesla Motors
On CNBC's "Fast Money" TV show, Steve Grasso of Stuart Frankel & Company said TSLA needs to hold $140. If it fails, then $125 will be the next level of support, followed by $105.
Tim Seymour, managing partner of Triogem Asset Management, said the company has to increase its production 60-fold by 2025 in order for its valuation to be justified. He added that many investors are assuming there won't be much competition either, which is not likely.
Brian Kelly, founder of Brian Kelly Capital, said if most of the institutional investors have stepped out, he wants to buy the stock before they get back in. He added that eventually the momentum will return, but investors need to wait for a strong intraday reversal.
Efraim Levy of S&P Capital IQ was a guest on the show and said the company shouldn't recall the Model S, because the fires don't seem to be an issue. He reiterated the car's top safety rating and likes the company, but believes the stock premium is too high. His firm has a sell rating with a $140 price target.
Switching to technology, Seymour said he likes Yahoo!
Kelly said investors can buy Intel
Grasso said Hewlett-Packard
Guy Adami, managing director of stockmonster.com, said Cisco Systems
Hedge fund manager Dan Loeb announced a long position in FedEx