Tesla (NASDAQ:TSLA) flying cars could be the future for the company, even if CEO Elon Musk has previously shot down the idea.
Adam Jonas, a Morgan Stanely analyst, brings up the idea of Tesla flying cars in a recent note to investors. In it, he suggests that the cars are coming but may not be here until 2050. Jonas cites a few reasons why he believes this is the case.
According to the Morgan Stanely analyst, it makes sense we’ll see Tesla flying cars considering Musk’s other plans. That includes travel to Mars, self-driving electric vehicles (EVs), underground tunnels, as well as the adoption of solar panels.
Jonas said the following in a note obtained by MarketsInsider.
“The chance that Tesla does not ultimately offer products and services to the [flying car] market is remote. The potential skills transferability and network adjacencies are too strong to ignore.”
Jonas notes that Tesla flying cars are the kind of offering that could push TSLA stock up to $1,000 per share. However, he doesn’t include that in the most recent price target for the company due to it being long-term speculation. Instead, he offers up a price target of $900 per share.
As far as trading goes today, TSLA stock isn’t seeing anything out of the normal following this note. As of this writing, more than 8 million shares of the stock have changed hands. That’s still below the company’s daily average trading volume of about 27.3 million shares.
TSLA stock was up slightly as of Thursday morning but is down 10.1% since the start of the year.
There’s still lots of stock market news to discuss today below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.