New for subscribers: Morgan Stanley upgrades Tesla, hikes price target on 'integrated battery supply business' prospects Check out CNBCPro today.
Tesla founder Elon Musk speaks at the unveiling event by "The Boring Company" for the test tunnel of a proposed underground transportation network across Los Angeles County, in Hawthorne, California, December 18, 2018.
The analyst raised his rating on the electric car maker to equal weight from underweight. He also hiked his price target on the stock to $1,360 per share from $1,050 per share. However, the new target implies a 12-month downside of 16.1% from the stock's Thursday close of $1,621 per share. Jonas' upgrade comes just two months after he issued his underweight rating on Tesla. But the increasing prospects of Tesla building an electric-vehicle battery supply business has made the analyst more constructive on the stock.
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