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Morgan Stanley Massively Hikes Price Target on Tesla, Says Stock Could Almost Double

Another huge call
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'Tesla Mobility' Could Triple Revenues By 2029

Forget about a mere 15 percent increase in stock value -- how about a 90 percent one? That's how bullish Morgan Stanley analyst Adam Jonas is on Tesla.

In a note this morning, Jonas has increased the price target for Tesla to $465 from $280. (The stock opened at $243 on Monday morning before rising about 4 percent in early trading). The key reason behind this is what he calls "Tesla Mobility, an app-based, on-demand mobility service." The race for autonomous driving is nothing new, with tech giants such as Apple and Google also making a push in this realm, but the report says Tesla is well positioned to get large market share. Jonas is telling clients that "Tesla is uniquely positioned, in our view, to solve the biggest flaw in the auto industry, <4% utilization, via an app-based, on-demand mobility service."