Tesla Trading Way,Way Up In Late Day Action On Tuesday
Analysts at Morgan Stanley raised the price target for Tesla stock from $153 to $320 per share, while maintaining the stock's "overweight" rating.
The Tesla Model S At The 2014 NAIAS
This new price target led to TSLA skyrocketing again to a pre-market price of over $231, and as high as $259.20 during the days trading.
Tesla's market cap is now approaching $27 billion.
Morgan Stanley's Adam Jonas wrote:
"Tesla is an extremely ambitious company for whom flooding the market with fun-to-drive EVs and giving competitors a headache might not be the endgame. Tesla's limited addressable market, a long-time bear thesis on the stock, appears well up for grabs here."
The price target hike comes as Tesla CEO Elon Musk is expected to make a formal announcement on Tesla's giga factory battery plant. Like the Supercharger network, the giga factory could itself be a game changer for Tesla.