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Jim Cramer weighs in on Tesla stock after Morgan Stanley price hike

Jim Cramer weighs in on Tesla stock after Morgan Stanley price hike

In an electrifying start to the week, Tesla (NASDAQ: TSLA) witnessed a remarkable surge in premarket trading on Monday, September 11. 

Notably, this dramatic upswing came on the heels of a game-changing move by Wall Street powerhouse Morgan Stanley (NYSE: MS), which announced a substantial 12-month price target increase for TSLA stock. 

Morgan Stanley’s move and the subsequent share price rise sparked widespread speculations on social media, with even CNBC’s Jim Cramer weighing in. 

The former hedge fund manager said

In particular, his comments followed a significant bullish decision by Morgan Stanley analyst Adam Jonas to upgrade TSLA to Buy from Hold, raising the stock’s 12-month price target to $400 from $250 per share. 

Twitter calls for shorting TSLA after Cramer’s bullish comments

Unsurprisingly, Cramer’s optimistic remarks about Tesla sparked a frenzy of sarcastic bearish calls against the carmaker in the post’s comment section.

“Oh no, we are going to 0 boys,” wrote one X (Twitter) user. 

Similarly, one account with 41,000 X followers commented: “Short it.” 

The bearish sentiments, whether imbued with sarcasm or not, are rooted in Jim Cramer’s history of controversial stock market predictions. Back in July, the 68-year-old investor tweeted that he feels more optimistic about Ford’s (NYSE: F) F-150 Lightning truck than Tesla’s Cybertruck. 

The comments attracted a string of sarcastic comments, implying that Tesla supporters should be happy about Cramer’s pro-Ford comments.

Despite his prior success as a hedge fund manager, Cramer has a track record of making bold forecasts that have often fallen significantly short of accuracy, including notable misjudgments involving Nvidia (NASDAQ: NVDA), Bitcoin (BTC), and most recently, Meta’s (NASDAQ: META) Threads.

Tesla stock price analysis

At the time of writing, TSLA was trading 6.2% higher in premarket trading at nearly $264 per share. The surge comes after the stock closed 1.2% lower on September 8, sliding down to $248.50.

TSLA premarket performance. Source: Nasdaq

The spike comes after strategists at Morgan Stanley, one of Wall Street’s biggest banks, hiked their 1-year price forecast for TSLA stock by $150 to $400. 

The bank said Tesla’s long-awaited supercomputer Dojo, which had started to be used in production last month, could boost the company’s market value by up to $500 billion through increased adoption of robotaxis and software services. 

Over the past week, Tesla fell more than 3.4%, while gaining about 1.2% on the month. Year-to-date, the automaker’s performance remains robust at +110%. 

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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