Morgan Stanley upgrades Tesla stock and boosts price target on high hopes for battery business

Reuters Morgan Stanley analyst Adam Jonas upgraded Tesla shares to "equal-weight" from "underweight" late Thursday, citing a bullish outlook for the company's third-party battery sales. The bank also lifted its price target for Tesla stock to $1,360 from $1,050. The target still implies a 16% decline from Thursday's close. The automaker's third-party battery and electric-vehicle powertrain business is worth $310 per share and now factors into Morgan Stanley's base case after strong growth. Tesla...