Tesla price target raised to $360 at Morgan Stanley

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Tesla Inc. “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.
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