Morgan Stanley analyst Adam Jonas upgraded his Tesla price target to $1,300 from a previous target of $1,200, according to The Street.
Jonas says it’s the U.S. electric vehicle (EV) maker’s dominance amidst increasing competition that makes it an important stock, despite not being Morgan Stanley’s top EV pick.
Jonas said, “We believe there are signs that the industry leader is accelerating its lead over its EV peers, which should not be construed as a positive for the broader sector.” Jonas added, “While Tesla is not our top EV pick, it’s arguably our most ‘important’ stock pick. Not owning Tesla means not owning the one company that could make all other EV names obsolete.”
Tesla’s Head of Human Resources Steps Down https://t.co/phezi6KpuL
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China is also the world’s largest auto market, making it a particularly important one for Tesla.
At the time of writing on Tuesday, Tesla’s shares were trading for $1,067.14 (+$9.02), up 0.85 percent from the market’s open.