2024-08-02 06:15:00 ET
Tesla 's (NASDAQ: TSLA) second-quarter earnings were a mixed bag for investors. The company sold more electric cars than many expected, but profits lagged estimates thanks to lower profit margins.
After digesting that report, widely followed Morgan Stanley analyst Adam Jonas decided to make Tesla his "top pick" with a price target of $310 per share. That would give Tesla a valuation of more than $1 trillion, and implies 35% upside from its recent share price.
Jonas doesn't think the real value with Tesla lies with its electric vehicle (EV) sales . The analyst stated, "[With] more managed expectations on [cars], and powerful emerging drivers of firm value, we make Tesla our new top pick."
For further details see:
Is Tesla Stock Going to $310? 1 Wall Street Analyst Thinks So.