UPDATE: Morgan Stanley Reiterates On Tesla Motors Inc As Stock May Be Up For Wrong Reasons

In a report published Monday, Morgan Stanley analyst Adam Jonas reiterated an Overweight rating on Tesla Motors Inc TSLA, but removed the $320.00 price target. In the report, Morgan Stanley noted, “Recently when asked about Tesla's stock, Elon Musk admitted he felt the share price was a bit ahead of itself. We agree. We believe the shares are worth $320, but perhaps not so quickly and not for some of the reasons we believe are driving the market.” Tesla Motors closed on Friday at $279.20.