What happened Shares of Tesla (NASDAQ: TSLA) jumped on Tuesday. The stock is up 4.6% as of noon EST, building on yesterday's gain and bringing the stock's total gain this week to about 11%. The growth stock's rise today is likely due to a combination of another bullish day in the overall market and yet another analyst releasing optimistic commentary about Tesla stock. Image source: Tesla. So what Morgan Stanley analyst Adam Jonas increased his 12-month price target for Tesla shares from $810 to $880 on Tuesday, reiterating an overweight rating -- similar to a buy rating. Following the company's fourth-quarter and full-year update and management's discussion of its future plans, Jonas said he now expects the company to more aggressively build out its production capacity than he was previously anticipating. Of course, the overall market's sharp move higher on Tuesday likely helped give Tesla shares a boost as well. The S&P 500 and Nasdaq Composite, for instance, are up 1.8% and 1.6%, respectively, as of this writing. Now what While 2021 does look like it will be a great year for Tesla's business, investors should exercise caution when it comes to their expectations for the automaker's stock. While shares could certainly keep up their momentum, the stock is notably far more expensive today than it was even just six months ago. Tesla now trades at 31 times sales, up from about 11 times sales last August. This means the stock's valuation has priced in exceptional execution and extremely strong business growth for years to come. 10 stocks we like better than TeslaWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Tesla wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy.Source