by Christopher Freeburn | February 25, 2014 9:08 am
Tesla Motors (TSLA) has received a big vote of confidence from a major Wall Street bank, sending TSLA stock surging more than 6% in pre-market trading on Tuesday.
Morgan Stanley (MS) — which maintains an “Overweight” rating for TSLA stock — more than doubled its price target for TSLA stock from $153 a share to $320 a share. Morgan Stanley based its target price increase on Tesla’s ability to induce technological change in other industries, MarketWatch notes.
Tesla recently announced that it expects to ship 35,000 vehicles this year, a 55% increase over last year. The outlook sent TSLA stock up sharply.
Late last week, Tesla CEO Elon Musk confirmed rumors that he had met with Apple (AAPL) executives, but said that a sale of Tesla remained unlikely. Rumors of the Apple meeting had boosted TSLA stock earlier in the week.
On Monday, TSLA stock closed at a record high of $217.65 a share. TSLA stock has vaulted more than 500% over the past year. MS stock was flat in Tuesday pre-market trading.
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