Merrill Lynch's Steve Milunovich is starting coverage on Tesla Motors (TSLA -0.2%) with a Buy...

|About: Tesla Motors (TSLA)|By:, SA News Editor

Merrill Lynch's Steve Milunovich is starting coverage on Tesla Motors (TSLA -0.2%) with a Buy rating and $34 PT, and is even comparing CEO Elon Musk to Steve Jobs. Milunovich is positive on the company's Model S sedan due to its range, and thinks Tesla can price the car competitively thanks to low-cost technology and an absence of "legacy costs."