Morgan Stanley on Wednesday said the sooner Tesla Inc. TSLA, -1.77% investors view the company as a transportation/infrastructure company and not just a car company, the better, as that will frame events coming in the next 12 to 18 months. Analyst Adam Jonas, in a note entitled "3 thoughts at $300," said talks with investors suggest they have come to an understanding of the company's true addressable market faster than he had expected. "The addressable markets within Tesla's ecosystem could potentially include a $10 trillion light vehicle mobility market, a $1 trillion logistics market, a $2 to $3 trillion energy market and a potential multi-trillion market captured in the 600 billion hours of consumer time spent in cars in the form of content delivery and data monetization," he said. At the time of stock's last high in September, few investors were viewing the company in those terms, he said. "We're pretty surprised by the recent run in Tesla's share price to over $300 so quickly - such is the power of technical factors over fundamental drivers," he said. Jonas said to expect Tesla to keep pushing the boundaries of safety for passengers and pedestrians and improvements will drive market awareness of Tesla's technologies. Morgan Stanley rates Tesla the equivalent of buy with a $305 price target. Tesla shares were slightly lower premarket, but have gained 42% in the year so far, while the S&P 500 SPX, -0.46% has gained 5%.