Tesla stock: Morgan Stanley sees numbers bottoming by summer
) stock remains one of the biggest underperformers among mega-cap stocks, taking another blow earlier this week after unveiling an underwhelming Q1 deliveries update. In reaction, Morgan Stanley analysts trimmed their target price on the stock, but remain bullish on the electric vehicle manufacturer’s long-term prospects.
Tesla stock recovered slightly in Wednesday trading, though the EV maker remains on an overall downtrend amid a combination of headwinds. “We do not believe Tesla will get credit as an AI company as long as core auto earnings are being revised down. This process may take a few more quarters to see through, over which time our $100 bear case may be ‘in play’,” said Morgan Stanley’s team.
Analysts acknowledge the importance of global EV market dynamics, saying that negative trends “should reasonably have a negative near-term impact” on Tesla stock.
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