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.
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.
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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