Tesla Motors stock boosted to "overweight" status by JPMorgan

On the eve of the Tesla Model S ride out in sunny California, analysts at JPMorgan Chase upped Tesla's stock (NASDAQ ticker symbol: TSLA) rating from "equal weight" to "overweight," boosting the automaker's status above most competitors in the automotive industry.

Tesla stock is around $23.99 – down considerably from its $29.36-per-share price set back in November of 2010. Even so, Tesla's stock sits well above General Motors ($19.38), Nissan ($17.47) and Ford ($9.15).

The last time Tesla's status shot up to overweight, Morgan Stanley analyst Adam Jones declared Tesla "America's Fourth Automaker." Jones continued his Tesla rant:
California dreaming? We don't think so. In our view, the conditions are ripe for a shake-up of a complacent, century-old industry heavily invested in the status quo of internal combustion. The risks are high. So is the opportunity. Enter Tesla.

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