Morgan Stanley Reiterates Equalweight Rating on Tesla (TSLA)
Morgan Stanley analyst Adam Jonas reiterated an Equalweight rating and $230.00 price target on Tesla (NASDAQ: TSLA) following the company's 2Q earnings report. Tesla 2Q19 earnings included a substantial miss on gross margins, a reiteration of their FY delivery guidance, and a resignation of CTO, JB Straubel.
Morgan Stanley decrease FY19 delivery estimates by ~2k units to 345k units, still below the low end of Tesla’s 360k to 400k unit full year guide. A 3Q19 delivery forecast of 91k units compares to a record second quarter of 95,200. Jonas believes the step down in the US EV tax credit at the end of last month may have pulled forward some demand into the second quarter.
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Shares of Tesla closed at $229.00 yesterday.