Morgan Stanley's Adam Jonas thinks Tesla's autonomous driving computer can add more than 60% upside to the EV stock.
Morgan Stanley's widely followed auto analyst Adam Jonas thinks Tesla is on the verge of a major leap in autonomous driving. The analyst upgraded Tesla stock to overweight from equal weight, with a new $400 per share price target, up from $250. The analyst also moved Tesla to the top pick column at Morgan Stanley. Jonas' forecast implies about 61% upside from Friday's $248.50 close.
mountain Tesla stock is up more than 5% in premarket trading. Jonas highlighted Tesla's Dojo, an in-house supercomputer that powers the autonomous driving functions of its vehicles. The project can help Tesla gain further exposure to software and services profit, Jonas added, while simultaneously remaining the premier electric vehicle maker. "Investors have long debated whether Tesla is an auto company or a tech company," Jonas wrote in the Sunday note.
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