Morgan Stanley explains what needs to happen for Tesla stock to outperform again
The auto giant led by Elon Musk was already grappling with a myriad of challenges, most notably slowing sales and an escalating pricing war for electric vehicles . In this context, Morgan Stanley detailed the conditions necessary for TSLA stock to begin outperforming again.Tesla stock then received fresh blows this week, after the company announced plans to reduce over 10% of its global workforce, with that figure reaching nearly 20% in certain divisions.
Tesla stock fell below $150 after the brokerage firm downgraded it to Hold from Buy and reduced its 12-month target price from $189 to $123. They attribute this to various factors including affordability, insurability, repairability, depreciation, residual values, infrastructure challenges, reduced incentives, and competition from hybrid vehicles.
“This doesn’t mean that Tesla won’t keep selling cars for many years to come. But this cannot be the end game,” they wrote. Their current estimate for non-GAAP FY24 earnings per share is $1.12, significantly below the consensus of $2.67.
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