Tesla's valuation has soared well past other automakers. Morgan Stanley looks at whether Tesla is more accurately valued as a technology stock instead.
but has "materially lower growth." The firm stuck by its underweight rating after this analysis and its $360 price target on Tesla – more than 50% below the stock's current levels. Keep in mind the shares appear more expensive than Amazon, Apple and Netflix even when using the analyst's cash flow and revenue estimates for five years from now, which could prove too optimistic.
Nonetheless, Jonas said the debate will continue "as to whether Tesla is an auto company, a tech company, or something altogether different."Some analysts are worried that Tesla's rally – the stock has more than tripled in six months – isthat sometimes occurs in financial markets, especially near the end of bull markets.
Tesla's remarkable run up has drawn many comparisons but one of the most striking was the bitcoin bubble three years ago. After running up to nearly $20,000, bitcoin crashed 65% in just a month – and finished 2018 about 80% below that peak level.But other investors are not afraid, instead pointing to Tesla's rapid climb as a simple matter of the stock beginning to catch up to where they think it should be.
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