Shares of Tesla Motors (TSLA) are up more than 13.65%, at $247.66, after Morgan Stanley (MS) analyst Adam Jonas raised his price target on the company to $320 per share from $153, saying he believes that the electric auto-maker will have 0.9% of the global car market by 2028.
In a research note issued to investors on Tuesday, Jonas wrote [via MW]: “Tesla is an extremely ambitious company for whom flooding the market with fun-to-drive EVs and giving competitors a headache might not be the endgame…Tesla’s limited addressable market, a long-time bear thesis on the stock, appears well up for grabs here.”
Jonas also notes that while the company’s entry into industries outside of its automotive niche, “such as batteries and autonomous vehicles is not without risk”, will allow it “to secure its own destiny and, potentially, disrupt the electric utility industry by becoming a key player in grid storage.”
The investment bank has an ‘overweight’ rating on the stock.
As of this writing, the stock has reached a new 52-week high of $248.57. The shares closed at $217.65 on Monday. The maker of luxury electric sports sedans closed at $120.5 on Nov. 26, before beginning a comeback.