Analyst Adam Jonas upgraded the stock to overweight from equal weight on Sunday, surprising some.
Morgan Stanley analyst Adam Jonas knows some investors were caught off guard by his bullish Tesla upgrade earlier this week. "Investor feedback to our Tesla upgrade has skewed towards push-back," he said in a note to clients Tuesday. "If limiting the scope to only making and selling cars, Tesla is a significantly overvalued equity. We think there is far more going on below the surface.
mountain Tesla's last five days Jonas said there wasn't any significance to the timing of the upgrade. Tesla's work on the Dojo supercomputer that can help power autonomous driving, which the firm had watched for a while, catalyzed the new call. Softer expectations in the market for Tesla's core business also played a role, he said. That explains why the call came just a few months after the firm downgraded Tesla to equal weight.
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