America's No. 4 Auto Maker? Tesla Leaps on Bullish Call

By FOXBusiness

After being upgraded and declared “America’s Fourth Automaker” by Morgan Stanley, shares of electric auto maker Tesla Motor soared more than 13% Thursday morning.

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Morgan Stanley upgraded Tesla to “overweight” from “equal weight” and predicted the company can hold 3.6% of the global auto market within ten years, Dow Jones Newswires reported.

Analysts at Morgan also reportedly slapped a $70 price target on Tesla, implying the stock could more than double by the end of the year.

Wall Street cheered the bullish note, bidding Tesla’s stock up 12.02% to $23.61 Thursday morning. The rally trimmed Tesla's 2011 loss to 10.9%.

Palo Alto, Calif.-based Tesla says it is the only U.S. auto maker that builds and sells highway-capable electric vehicles in serial production.

Tesla badly trails America’s largest auto makers: Ford (NYSE:F), General Motors (NYSE:GM) and Chrysler. Toyota (NYSE:TM) is the world’s largest auto maker.

However, Morgan Stanley predicted 5.5% electric car penetration globally by 2020 and 15% in 2025, Dow Jones reported.