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November 22, 2020 02:34 pm

Elon Musk Claims Full Recovery From Covid-19, Analyst Upgrades Tesla's Stock Forecast

Slashdot reader Charlotte Web quote The Street:Tesla CEO Elon Musk says that he has "fully" recovered from his bout with a mild fever or cold about a week after he took to Twitter to say he tested positive for coronavirus... [T]his week, Musk took a more reliable PCR test that he said showed "unequivocal" evidence that he had Covid... On Wednesday, Morgan Stanley raised Tesla to overweight for the first time in more than three years, predicting that the electric carmaker is on the verge of a "profound model shift" from selling cars to generating high-margin software and services revenue. "To only value Tesla on car sales alone ignores the multiple businesses embedded within the company," Adam Jones said in a research note to clients as he upgraded the shares from equal-weight and raised his price target by 50% to $540 from $360, suggesting 22% additional upside for the stock. The analyst believes Tesla's electric vehicle business is Tesla's "entry ticket" for "unlocking much larger" potential markets, according to an earlier article in The Street:To better gauge Tesla's future earnings potential, Jones said his team was now including software/connected vehicle services revenue in their earnings and valuation forecasts. With the total number of Tesla's out in the world expected to reach 2.1 million next year, "a more in-depth understanding of the revenue streams derived from each car is warranted right now," he wrote.

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