(This story is for CNBC PRO subscribers only.) Morgan Stanley is the new biggest Tesla bull after analyst Adam Jonas raised his target on the stock to a Wall Street high of $810, up from his prior forecast of $540. The boost follows the electric vehicle maker's record fourth quarter delivery numbers . To put his target, which is about 10% above where shares closed on Tuesday, in context, the average Street forecast is $437.15, according to estimates from FactSet. "Despite the extraordinary run in the share price, we continue to believe that Tesla can outperform vs. our sector in 2021," Jonas wrote in a note while reiterating his overweight rating on the stock. "In our opinion, Tesla is still the best positioned company in EVs and AVs under our coverage due to its people, its technology, business model and access to capital." Jonas upgraded Tesla to an overweight rating in November , after missing out on the stock's more than 500% run in the year prior. Since then, Jonas pointed to several positive catalysts contributing to his more optimistic outlook. In addition to the company's fourth quarter delivery numbers, he also pointed to Tesla's $5 billion capital raise in December, as well as the company's addition to the S & P 500. Shares of Tesla have gained more than 720% over the last year amid broad-based investor enthusiasm for the company specifically, as well as the electric vehicle space more broadly. A number of new competitors have entered the space as companies seek to capitalize on the energy transition, but Jonas believes Tesla's spot at the top is solidified. "Tesla is seen as one of the most innovative manufacturers in the world, focused on some of the highest growth markets over the next decade," Jonas wrote. "We have been looking increasingly closer at a range of start-up players in the EV space and have increased conviction that Tesla's technological position and business model is the right one for this once-in-a-generation transition to sustainable transport," he added. Shares of Tesla rose 1.5% in after hours trading on Tuesday. - CNBC's Michael Bloom contributed reporting.
Tesla Model 3