Morgan Stanley raises Tesla 'bull case' target to $2,500, but still keeps underweight rating

SpaceX owner and Tesla CEO Elon Musk gestures during a conversation at the E3 gaming convention in Los Angeles, June 13, 2019.
Mike Blake | Reuters

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Morgan Stanley just raised its target on Tesla for the second time this month, and the firm's bull case forecast implies a 70% rally ahead for shares of the electric vehicle company.

And yet, Morgan Stanley's widely followed auto analyst Adam Jonas maintained his underweight rating on the stock.