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In the wake of Tesla's earnings and sales misses, Morgan Stanley auto analyst Adam Jonas says now is the perfect time to go all-in on the stock. Noting the post-earnings decline in shares, he said investors should "keep calm [and] buy Tesla."
"We smell blood! The auto industry, as it stands now, is just so ripe for disruption" on the software side and connected vehicle side, so it's not just about batteries, Jonas said Thursday on CNBC's "Squawk on the Street. " "We're quite excited to see the stock with a one handle, we're stepping in, we're all in."
Investors should keep in mind that "this company wants to grow massively at all costs and short term profit maximization is certainly not a priority," Jonas said, adding that it, like many others Silicon Valley, holds the belief that cash burn is good.
On the other hand, CNBC's Jim Cramer zinged Tesla Motors' Elon Musk, saying The Three Stooges could have done better at Wednesday's conference call.
Tesla's operating expenses for the 2014 full year were $1.07 billion and are expected to grow another 45 percent to 50 percent in 2015.
Meanwhile, free cash flow in the fourth quarter was a negative $455.1 million, as cash dwindled to $1.91 billion from $2.37 billion at the end of the third quarter. The company's cash burn next year should be less than $1.0 billion, according to Chief Financial Officer Deepak Ahuja.
"If we were just normal auto analysts .. looking at next month sales we would be very nervous right now," Jonas said. "But we see a $10 billion adjustable market globally and so there's no one better positioned to disrupt it than [Tesla]."
Read MoreTesla's Musk has a 'secret weapon'
Musk said by 2025 Tesla's growth trajectory could take its market value to $700 billion, matching that of Apple. His 2025 market-cap prediction assumed 50 percent annual revenue growth and a price-to-equity ratio for the stock of 20.
"It seems like Elon Musk pushed the insane button on the spending ambitions," Jonas said. "I cringe when i hear these comparisons to Apple, especially from a share price perspective."
Instead of comparing itself to Apple, Tesla should focus on hiring good people, disrupting the auto industry and making customers happy, according to Jonas.
Tesla shares plunged by 5.5 percent by early afternoon Thursday and was trading at $201 a share. Morgan Stanley has a $280 target price on the stock. On the other hand, Barclays on Thursday lowered it's target on the stock to $190 from $200 a share, citing a number of huddles including weak sales in China and rising costs.
—Reuters contributed to this report.