Morgan Stanley Expects a Massive Jump in Teslas on the RoadBy
Adam Jonas says 32 million cars could be in use by 2040
Shares of Tesla are up a staggering 63 percent in 2017
Right now, most people don’t even see a Tesla unless they live on the west coast of the U.S.
Morgan Stanley says that’s about to change.
“With the launch of the Model 3, we forecast the Tesla car population to multiply three times by the end of 2019,” Adam Jonas, the bank’s global head of auto research, said in a note to clients. “It has been generations since the investment community witnessed such a high growth rate in the population of a single auto firm,” he said, adding that by 2040, there could be 32 million Tesla Inc. vehicles in use.
Jonas has a $317 price target on the stock, which now trades around $345. The average target on Wall Street is $331, according to data compiled by Bloomberg.