NEW YORK (
TheStreet) -- Mark Penn has been named the chief strategic officer of
(MSFT - Get Report). "Wait a second. Is this business as usual?"
TheStreet's Jim Cramer, co-manager of the
Action Alerts PLUS portfolio, wondered.
Cramer pointed out that Penn is the man who is responsible for creating the slow-growth entity that most people think of Microsoft as today. He thinks there should be a management shakeup, not a management promotion. "To me it sounds like the change is not going to come" at Microsoft, he said.
Turning to Tesla Motors (TSLA - Get Report), Cramer said JPMorgan upped its price target to $164 from $137 based on 2020 vehicle sales. The analyst also upped its 2020 sales forecast to 288,000 vehicles from 228,000 vehicles.
The price target bump doesn't trump Morgan Stanley's recent target assignment of $320, Cramer noted.This shows that while the bears are doing everything they can, "Tesla is not done going higher," he concluded. - - Written by Bret Kenwell in Petoskey, Mich.