Shares of Tesla Motors, Inc. (NASDAQ: TSLA) received a boost today on an upgrade from Morgan Stanley (NYSE:MS), as the stock has risen as high as 20 percent in response to the positive outlook.
Incredibly, Morgan Stanley not only gave an improved outlook on the stock, but also placed a price target of $70 on the shared; far above double what they're trading at even with the boost in share price.
Morgan Stanley said they believe Tesla could become the fourth major auto maker in the U.S. behind Ford Motor (NYSE: F), General Motors (NYSE: GM) and Chrysler.
Sounds more like religion than a reality, but we'll see if the highly unprofitable electric car company can some day return a profit.
Sales would have to go beyond the wasteful spending of taxpayer money on the high-priced vehicles the company makes.
Tesla was trading at $26.99, gaining $3.28, or 13.83 percent, as of 1:35 PM EDT.
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