Morgan Stanley analyst Adam Jonas has backed struggling electric vehicle maker Tesla (TSLA) and indicated the stock could have as much as 50%

Morgan Stanley has once again named Tesla, Inc. its "Top Pick" among U.S. automakers, arguing that the stock's nearly 30% decline this year reflects a "clear buyers' strike." Analysts led by Adam Jonas maintained an 'Overweight' rating and a $430 price target on the stock on Monday despite growing concerns over weak car deliveries and declining

Tesla shares rose 2% on Monday after Morgan Stanley reinstated the electric-vehicle maker as its top U.S. auto pick, saying the company's artificial intelligence and robotics efforts could power growth even as the mainstay car business stumbles.