Shares of Tesla Inc. TSLA climbed 5.8% in premarket trading on Monday after Morgan Stanley lifted the electronic-vehicle maker to buy from hold.
Tesla analyst Adam Jonas based much of his upgrade on Tesla’s new machine learning supercomputer, Dojo. His price target was lifted to $400 from $250 per share.
“Dojo specializes in processing visual data and is a tailored tool to solve autonomous operations, be that for vehicles, factories or humanoid robots. This adds Tesla to a list of companies (
META,
-0.26%,
AMZN,
+0.28%,
MSFT,
+1.32%
) that have also developed their own, proprietary computing solutions,” said Jonas and other analysts in a note.
“For Tesla, this means that autonomy could potentially become a reality sooner than previously expected, reflected in the auto team’s Tesla upgrade to overweight and move to top pick,” Jonas added.
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