Morgan Stanley Issues Huge, Bullish Report On Tesla, Calling It "America's Fourth Automaker"

Morgan Stanley upgraded Tesla to overweight in an extremely bullish note by analyst Adam Jones.

The 50-page report sets a price target at $70, up from yesterday’s close price of $23.71.

Jones writes: “The confluence of structural industry change, disruptive technology, changing consumer tastes and heightened national security creates an opportunity for significant new entrants in the global auto industry. California dreaming? We don’t think so. In our view, the conditions are ripe for a shake-up of a complacent, century-old industry heavily invested in the status quo of internal combustion. The risks are high. So is the opportunity. Enter Tesla.”

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