Morgan Stanley analyst Adam Jonas increases Tesla price target to $840

Tesla stock market

Just over a month after raising their price target for Tesla (TSLA) from $360 to $540, Morgan Stanley has raised it again, sending share prices higher in after-hours trading.

Analyst Adam Jonas increased the firm’s price target to $810, with a bull-case target of $1,232, while maintaining an ‘overweight’ rating for the stock. With a price target more than 2 times higher than just two months ago, Jonas’ appears to be seeing the light when it comes to Tesla’s dominant position in the EV segment.

After a record setting Q4 2020 performance that saw the automaker deliver over 180,000 vehicles, Jonas updated his 2030 volume forecast from 3.8 million to 5.2 million units. In a note to investors, Jonas believes will break more records in 2021 thanks to the company’s strong fundamentals.

“In our opinion, Tesla is still the best positioned company in EVs and AVs under our coverage due to its people, its technology, business model and access to capital,” said Jonas.

The updated price target also comes from Tesla’s ability to “unlock recurring mobility services revenue faster and more profitably than the competition.

Tesla (TSLA) closed the day at $735.11, up 0.73%. Shortly after the positive outlook from Jonas, prices jumped nearly 2.5% to $753.20 in after-hours trading.

TSLA shares Jan 4 2021

Disclaimer: Darryn is long TSLA

h/t: Sawyer Merritt

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Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca