Shares of Tesla soared nearly 10% to close at $274, its highest intraday value since July 19, marking Tesla’s biggest one-day percentage increase since January.
The surge comes after analysts at Morgan Stanley, led by analyst Adam Jonas, upgraded Tesla from a “neutral” rating to a “buy” rating with a price target of $400, up from $250.
The main reason for Morgan Stanley’s upgrade was its bullishness on Tesla’s Dojo supercomputing platform, which, according to Jonas, could add $500 billion to Tesla’s enterprise value, which currently stands at around $80 billion.
Dojo, Tesla’s AI technological network primarily focused on training its autonomous vehicles with video data, has the potential to help Tesla “go far beyond selling cars at a set price” and “become a major player in the high-growth SaaS market,” according to Jonas.
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