Heres Why Teslas Stock Price Is Surging Today
Shares of Tesla Motors surged Monday morning after a Morgan Stanley analyst note said the company's stock could nearly double in value. According to MarketWatch, the Morgan Stanley note spoke glowingly about the electric car company's potential as a leader in the market for self-driving vehicles, while also predicting that Tesla could eventually develop "an app-based, on-demand mobility service" that would put the company's development of self-driving car technology into the ride-sharing market. Morgan Stanley expects that Tesla could announce plans for a shared mobility app within the next 12 to 18 months. The analyst note raised Morgan Stanley's price target for Tesla by 66, from 280 to 465, which is more than 90 above the company's Friday closing price. Tesla is already close to introducing certain self-driving features in the version 7 of its Model S cars. Last month, Musk hinted at those features in a tweet that said the company was "almost ready to release highway autosteer and parallel autopark software update." Musk, however, did not attach a specific timeframe to the project or explain what he meant by "almost."