NEW YORK (AP) - Shares of Tesla Motors are surging more than 16 percent Tuesday morning after a Wall Street analyst suggested the company could shake up the electric utility sector as well as the auto industry.

NEW YORK (AP) Shares of Tesla Motors are surging more than 16 percent Tuesday morning after a Wall Street analyst suggested the company 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 create a lucrative secondary business by building battery packs for energy storage.

Jonas raised his price target to $320 per share from $153. Tesla shares rose $36.15 to $253.80 in late-morning trading.

The Palo Alto, Calif., company is expected this week to formally announce the building of a "Gigafactory" with Panasonic and other partners. It would be the largest lithium-ion battery pack factory in the U.S.