Tesla is on a major tear this morning, up 14% to $US248.27.
This comes after Morgan Stanley’s Adam Jonas raised his price target to $US320, from $US153.
Jonas cited several huge opportunities for growth in Tesla.
“Tesla’s quest to disrupt a trillion $US car industry offers an adjacent opportunity to disrupt a trillion $US electric utility industry,” he wrote in a new note to clients. “If it can be a leader in commercializing battery packs, investors may never look at Tesla the same way again.”
In the past couple of weeks, the stock got a boost from speculation that Apple was in talks to buy Tesla, which was later discredited. It also got a boost after the green auto maker announced 2014 sales forecasts and beat Q4 earnings expectations.
We’re also keeping our eyes peeled for Tesla’s announcement on its Gigafactory this week.
The stock is up 64% year-to-date. Here’s a look at the jump: