A closely watched Wall Street analyst is bullish about 's (NASDAQ: TSLA) supercomputing effort, predicting it could add upward of $500 billion to the company's enterprise value. Investors are taking note, sending Tesla shares up more than 7% as of 11:08 E.T. on Monday morning.

Tesla is best known for its electric vehicles, but the company has long dabbled in other areas as well. Morgan Stanley analyst Adam Jonas is focusing in on Tesla's Dojo supercomputer operation, upgrading the stock to overweight from equal weight and boosting his price target to $400 from $250 on the potential for that unit.

Jonas believes the same forces that have pushed Amazon's cloud business to account for 70% of earnings can work for Tesla, "opening up new addressable markets that extend well beyond selling vehicles at a fixed price."

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Source Fool.com