Tesla (TSLA) PT Lowered to $310 at Morgan Stanley, 'Near Term Fearful vs. Long Term Greedy'

Morgan Stanley analyst Adam Jonas lowered the price target on Tesla (NASDAQ: TSLA) to $310.00 (from $320.00) while maintaining a Overweight rating.

The analyst comments "Tesla’s weak 1Q update is a clear sign of the ongoing EV ‘shakeout’ phase. Our revised FY24 delivery est is 1.75mm (down 3.3% YoY) and flips TSLA to a FY cash burn of $2.3bn on our est. We think numbers bottom by 2Q results, well before a major rejuvenation of the model cycle. PT to $310. Reit. OW."

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