Tesla ($Tesla Motors, Inc. TSLA$) stock rose 6% to US$233.14 as of 10:24 AM EST (10:24 PM Malaysia time) after Morgan Stanley named the company its top US auto pick, replacing Ford ($Ford Motor Company F$).
Analyst Adam Jonas and his team at Morgan Stanley expressed optimism about Tesla's prospects, setting a US$310 price target implying a 40% upside potential. They believe Tesla has made progress in managing its auto business and sees strong performance in its emerging value drivers.
Jonas highlighted Tesla's potential monopoly position in the zero-emission vehicle (ZEV) credit market and its growing recurring service revenue.
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