Tesla Motors Inc (NASDAQ:TSLA) stock has surged today following an analyst upgrade. The stock is currently up over 14% at a price of around $249. The upgrade was made by Morgan Stanley’s Adam Jonas. Jonas increased the price target to $320 from $153. Jonas upgraded the stock after citing huge opportunities for the electric vehicle company.
“Tesla?s quest to disrupt a trillion $ car industry offers an adjacent opportunity to disrupt a trillion $ electric utility industry,” stated Jonas in a note to clients. “If it can be a leader in commercializing battery packs, investors may never look at Tesla the same way again.”
Tesla saw some stock growth after there was speculation that Tesla was in talks with Apple about being acquired. Tesla Motors CEO Elon Musk confirmed the talks, but denied an acquisition was going to take place. Tesla also spiked after the company announced that they beat Q4 earnings expectations. Tesla is expected to make an announcement about their new Gigafactory this week.