Analyst Adam Jonas upgraded Tesla to"equal-weight" from"underweight" late Thursday and lifted his price target for the shares to $1,360 from $1,050. The new target implies a 16% decline from the stock's Thursday close.
The bank downgraded Tesla shares in June, citing the stock's meteoric rise and fearing the stock's valuation was"driven by factors beyond the business of selling cars." Yet the company's stock leaped even higher, and the bank now sees Tesla's battery segment justifying at least some of the gains.
The automaker's third-party battery and electric-vehicle powertrain business is now factored into Morgan Stanley's base case and is worth $310 per share, Jonas said. Tesla is"potentially leapfrogging" the competition with its battery technology, he added, and investors will glean more details on its industry lead during the company's September 22 Battery Day.
Tesla already controls roughly half of automotive battery production around the world. That share could expand if Tesla can ramp up its own battery production while implementing new technologies, according to Morgan Stanley. If rumors of a cheaper and longer-lasting battery being revealed on Battery Day are true, Tesla can reap the benefits of supplying the rapidly growing EV sector, Jonas wrote.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Morgan Stanley upgrades Tesla, hikes price target on 'integrated battery supply business' prospectsNew for subscribers: Morgan Stanley upgrades Tesla, hikes price target on 'integrated battery supply business' prospects Check out CNBCPro today. Pro So teslas really still going up? 🙁 Pro YOU FUCKERS WILL TAUNT ME BUT YOU WON'T TELL ME WHERE TO GO OR COME TO PICK ME UP EITHER. NOW I'M BEING SENT BACK TO THE DESERT AND ALL YOU HAVE TO SAY IS THAT I'M INTEGRATED?!?!?!?!?!?!?!? Pro I have made so much money by disregarding whatever Morgan Stanley says on the subject of Tesla They still don’t get it
Source: CNBC - 🏆 12. / 72 Read more »
Stock picks to buy to beat the market, earn 15% upside: Morgan Stanley - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Equal opportunities don't mean that collectivized our minds we can do everything without Natural Talent, Hard Study and Risk! Am a money-failure😂😂😂 but even for this I Admire those who know how create Money Industry Jobs Wealhy and Better World👏💚👏
Source: BusinessInsider - 🏆 729. / 51 Read more »
Cramer questions bank comeback because of default risk, praises Morgan Stanley as 'reinvented'New for subscribers: Cramer questions bank comeback because of default risk, praises Morgan Stanley as 'reinvented' Check out CNBCPro for a free trial. Pro Cramer needs to take my advice and return to the Kanamit ship and begin 'to serve man'. Pro With the unemployment rate paralleling that of Ireland 10 years ago, do you expect to see a major fallout in the banking and financial sector SaraEisen JoeSquawk?
Source: CNBC - 🏆 12. / 72 Read more »
A top Morgan Stanley strategist explains the risks to further US stimulus, but expects lawmakers to reach a deal | Markets InsiderMorgan Stanley's top strategist laid out reasons why President Trump's latest executive orders on unemployment benefits pose new risks to furthe... Take a wrecking ball to the Morgan Stanley offices then salt the earth on which they stood
Source: BusinessInsider - 🏆 729. / 51 Read more »
Stimulus bill will be 'critical' to recovery and spur shift back to cyclical stocks, Morgan Stanley investment chief says | Markets InsiderMike Wilson, Morgan Stanley chief US equity strategist and chief investment officer, said the next stimulus bill will be 'critical' to the recov...
Source: BusinessInsider - 🏆 729. / 51 Read more »
Morgan Stanley's top boss has reportedly had more private calls with the US markets regulator chief than any other Wall Street bank | Markets InsiderMorgan Stanley's chief executive James Gorman has had more conversations with the Securities and Exchange Commission's chairman than any other W...
Source: BusinessInsider - 🏆 729. / 51 Read more »