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Tesla Hits Highest Since September After Morgan Stanley Says Buy
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Morgan Stanley gave Tesla Inc. an overweight rating for the first time in more than three years, predicting that Elon Musk’s firm is on the verge of a “profound model shift” from selling cars to generating high-margin software and services revenue.
“To only value Tesla on car sales alone ignores the multiple businesses embedded within the company,” analyst Adam Jonas wrote in a note as he upgraded the shares from equal-weight and raised his price target by 50% to $540.