Jim Cramer's Mad Dash: Good News for Tesla and MannKind

NEW YORK (TheStreet) -- Shares of Tesla Motors (TSLA) were upgraded to buy from hold at Deutsche Bank, while its price target was raised to $310 from $222. 

On CNBC’s “Cramer’s Mad Dash” segment, TheStreet’s Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said the stock is breaking out to the upside. 

Some analysts are calling for higher earnings per share estimates; Deutsche Bank sees EPS above $9 in 2016. 

If this turns out to be true and more analysts begin to move their targets higher, Tesla could easily be on its way to $300 per share, he reasoned. 

Turning to MannKind (MNKD), shares are spiking ~13% on news that it has struck a deal with Sanofi (SNY) for its insulin inhalant treatment. 

In the licensing agreement, Sanofi will pay $925 million and receive 65% of the future profits (or losses), while MannKind will retain 35%, Cramer said. 

This is good news for MannKind, and will force many of the short-sellers to cover their positions, he concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

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