Tesla Stock Jumps After Morgan Stanley Positive Rating Â
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.
