Tesla Stock Jumps After Morgan Stanley Positive Rating
Tesla’s shares jumped Monday after Morgan Stanley analysts upgraded the stock, citing the potential of the supercomputer that Tesla is developing.
Factset’s Tesla tweet on Mogan Stanly stock prediction
@Tesla's shares jumped Monday after Morgan Stanley analysts upgraded the stock, citing the potential of the supercomputer that Tesla is developing!#tesla #MorganStanley #shares pic.twitter.com/K4VEXqGPfY
— The_Journalbiz (@the_journalbiz) September 11, 2023
Factset chart on Tesla stock
The Morgan Stanley team raised their price target on Tesla shares by 60% to $400, from $250, and recommended investors move to an “overweight” holding. The shares were recently up more than 9% and the S&P 500’s best performers.
- The new price target is the most bullish on Wall Street, according to FactSet data.
Tesla has been building a supercomputer, dubbed Dojo, to analyze vast amounts of visual data in order to train its electric vehicles to drive autonomously.
The first building block of the supercomputer, a collection of cabinets with thousands of chips, came online in July. Morgan Stanley said Dojo would help accelerate the adoption of Tesla’s planned self-driving robotaxis, while Tesla could also sell software and hardware to third parties.
Dojo computer could add $500 billion to Tesla’s enterprise value, the Morgan Stanley analysts said.
Tesla’s share price has doubled this year but is well off its all-time intraday high of $414.
