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Tesla Gets Street-High $810 Price Target From Morgan Stanley

Chris Katje
·2 min read

Despite rising more than 700% over the past year, Tesla Inc (NASDAQ: TSLA) is getting a bullish call and new Street-high price target.

The Tesla Analyst: In a note published after Tuesday's close, Morgan Stanley analyst Adam Jonas reiterates an Overweight rating on Tesla while raising the firm's price target from $540 to $810.

Jonas issued a cautious note in December calling the entry into electric vehicles by Apple Inc (NASDAQ: AAPL) a new “bear case” for Tesla.

Related Link: Morgan Stanley Upgrades Tesla On Growth Potential In Embedded Businesses

The Tesla Thesis: Delivery growth of 61% year-over-year in the fourth quarter was better than expected by Jonas. The analyst raised the 2030 volume estimate to 5.2 million units from 3.8 million units.

“We continue to believe Tesla can outperform vs our sector in 2021,” Jonas wrote in the new note.

The analyst said the market has chosen to discount the value of Tesla compared to peers despite a range of high outcomes.

“Tesla’s business model can unlock recurring mobility services revenue faster and more profitable than the competition,” said Jonas, calling Tesla the “chosen one” for the internet of cars sector.

It’s hard to find a more innovative company, especially in the electric vehicle and autonomous vehicle markets said Jonas calling Tesla the best positioned.

TSLA Price Action: Shares of Tesla closed up 1% to $735.11 on Tuesday. Shares hit new split-adjusted highs of $740.84 earlier in the session.

The stock was up 2.17% to $751 in after-hours trading.

Latest Ratings for TSLA

Date

Firm

Action

From

To

Jan 2021

Exane BNP Paribas

Downgrades

Neutral

Underperform

Jan 2021

JP Morgan

Maintains

Underweight

Dec 2020

CFRA

Downgrades

Strong Buy

Hold

View More Analyst Ratings for TSLA
View the Latest Analyst Ratings

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