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Oct. 23, 2020, 11:28 a.m. EDT

Tesla price target raised to $360 at Morgan Stanley

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By Claudia Assis

Tesla Inc. /zigman2/quotes/203558040/composite TSLA +3.35% "very strong" third-quarter earnings have led Morgan Stanley to raise its price target on the company's stock to $360, from $330, representing a downside around 12% from Friday's prices. Analyst Adam Jonas also upped his expectations for 2020 deliveries to 497,000 vehicles, from 490,000. Tesla is a "must include" stock in an electric-car and sustainability portfolio, Jonas said in a note Friday. He also increased his expectations for Tesla's 2021 deliveries to 778,000 vehicles, from 698,000. He kept the equivalent of a hold rating on the stock. Tesla reported a blowout quarter on Wednesday, showing a fifth straight profit and reiterating its goal of selling half a million vehicles this year. Chief Executive Elon Musk also hinted at a 2021 sales target between 840,000 and 1 million vehicles. The stock gave back some of its recent gains, however, down 6% for the week. In the year, Tesla shares have gained 393%, compared with an advance around 7% for the S&P 500 index. /zigman2/quotes/210599714/realtime SPX -0.16%

/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 574.00
+18.62 +3.35%
Volume: 48.93M
Nov. 25, 2020 4:00p
P/E Ratio
1,147
Dividend Yield
N/A
Market Cap
$526.45 billion
Rev. per Employee
$511,871
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/zigman2/quotes/210599714/realtime
US : S&P US
3,629.65
-5.76 -0.16%
Volume: 2.32B
Nov. 25, 2020 5:33p
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