Tesla price target upped to $1,200 by Adam Jonas and Morgan Stanley

After rocketing up to an all-time high of nearly $1,000, Tesla shares (TSLA) have been a little more steady lately. On Tuesday, shares increased a little over 7% to $858.40 amid positive news on several fronts.

One Wall Street analyst has raised his price target for Tesla shares up to high of $1,200 per share in his most optimistic bull-scenario. That analyst is none other than Adam Jonas of Morgan Stanley.

In his report to investors, Bloomberg reports Jonas based his analysis on Tesla being able to capture 30% of the global electric vehicle market. That would mean up to 4 million deliveries by 2030. Also included in his assumptions was that Tesla would be supplying powertrains – batteries, and electric motors – to other auto manufacturers.

Before the most recent increase in their target, Morgan Stanley predicted a $650 per share price target, a value that has already been eclipsed for several weeks now.

Despite the increase in his projections, Jonas maintained his sell-equivalent recommendation.

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