NEW YORK (AP) — Shares of Tesla Motors Inc. surged 16 percent Tuesday after a Wall Street analyst told investors that Tesla could shake up the electric utility sector as well as the auto industry.

Analyst Adam Jonas of Morgan Stanley wrote in a note to investors that Tesla could nearly double its share of the global car market by 2028. And it also could create another lucrative business by building battery packs for energy storage. He doubled his target price for Tesla stock to $320 per share from $153.