Shares of Tesla Motors, the manufacturer of electric vehicles, soared Thursday on the Nasdaq Stock Market, after investment bank Morgan Stanley & Co. upgraded the stock. Shares ended the day up 17 percent at $27.75. Analysts at Morgan Stanley said that the market for electric vehicles may take off in a shift by consumers from gas to electric vehicles in the near future, according to a note released Thursday. The bank gave a price target of $70 for the California-based automaker. Tesla, which is currently working on a four-door electric performance sedan, had its initial public offering last summer and saw significant interest from investors as governments poured investment into the alternative energy industry.
Tesla Soars on Morgan Stanley Upgrade
Shares of Tesla Motors, the manufacturer of electric vehicles, soared Thursday on the Nasdaq Stock Market, after investment bank Morgan Stanley & Co. upgraded the stock.
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