Analyst doubles price target boosts Tesla shares
NEW YORK (AP) -- Shares of Tesla Motors are surging more than 16 percent Tuesday morning after a Wall Street analyst suggested the company could shake up the electric utility sector as well as the auto industry.
Analyst Adam Jonas of Morgan Stanley wrote in a note to investors that Tesla could nearly double its share of the global car market by 2028, and create a lucrative secondary business by building battery packs for energy storage.
Jonas raised his price target to $320 per share from $153. Tesla shares rose $36.15 to $253.80 in late-morning trading.
The Palo Alto, Calif., company is expected this week to formally announce the building of a "Gigafactory" with Panasonic and other partners. It would be the largest lithium-ion battery pack factory in the U.S.