Tesla Motors saw a jump in its shares Monday morning after a Morgan Stanley analyst said that the company has the potential to double in value.

Morgan Stanley's Adam Jonas increased the electric automaker's price target by 66 percent from $280 to $465, as shares rose by about 5 percent, according to MarketWatch. Analysts said in a note on Monday that Tesla is positioned to take the top spot in autonomous technology due to a change in the business model for these kinds of vehicles.

"Given the pace of technological development both with Tesla and at rival technology and mobility companies, we would be surprised if Tesla did not share formalized business plans on shared mobility within the next 12 to 18 months," the note reads.

Jonas believes the key to the company's success will be the development of "Tesla Mobility, an app-based, on-demand mobility service," Bloomberg reported.

"We view this business opportunity as potentially additive to Tesla's existing model of selling human-driven cars to private owners and see potential for this model to conceivably more than triple the company's potential revenues by 2029," the note said. "That is, selling miles in addition to selling cars."

Monday's stock jump is more than 90 percent above Tesla's closing price on Friday, Fortune reported.

Morgan Stanley's predictions come at a time when Tesla is giving version 7 of its Model S car's self-driving features, with Tesla CEO Elon Musk hinting at these additions on Twitter.

The company is also upgrading the Model X's self-driving capabilities with sensors and software capabilities, MarketWatch reported.

"These are early days, but it is the view of the Morgan Stanley global auto team that Tesla may be best positioned to advance the state of the art in shared autonomy," the note said. 

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?