Shares of (NASDAQ: TSLA) surged 5.5% through 11 a.m. ET on Monday, enjoying a tailwind from two separate analysts. According to a report by StreetInsider.com, Piper Sandler said that Tesla might have achieved a key milestone with its latest version of its full self-driving (FSD) software.

Meanwhile, Morgan Stanley explained why Tesla is its top pick in the automotive sector.

Citing positive reviews of Tesla's latest FSD software on the social media site X (owned by Tesla CEO Elon Musk), Piper said that sales of subscriptions to the software are key to the company's profits, so the electric vehicle (EV) maker must sell more subscriptions to get profits growing again. And the key to that is developing and selling a new EV model (usually referred to as the Model 2) for under $30,000.

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Source Fool.com