Morgan Stanley analyst Adam Jonas raised the firm’s price target on Tesla to $810 from $540 and keeps an Overweight rating on the shares after updating his forecasts and long-term assumptions to account for the company’s $5B capital raise and better than expected Q4 delivery growth of 61% year-over-year. The analyst, who has raised his 2030 volume forecast to 5.2M units from 3.8M units previously, tells investors that Tesla shares are “richly valued for a reason.”