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Despite poor sentiment, Morgan Stanley still sees Tesla stock price doubling

AuthorSam Boughedda
Published 03/28/2024, 10:35 AM
Updated 03/28/2024, 10:37 AM
© Reuters. Despite poor sentiment, Morgan Stanley still sees Tesla (TSLA) stock price doubling

Despite the pressure on Tesla (NASDAQ:TSLA) shares, Morgan Stanley analysts maintained an Overweight rating and a price target on the stock at $320 in a note this week.

The bank cut its first-quarter Tesla deliveries forecast to 425,000 vs. 469,400 previously.

"We mark to market our 1Q delivery forecast to 425k (0.6% y/y growth) to reflect latest channel checks (China data, EV Volumes) ahead of likely April 1st release," said the firm. "FY24 deliveries lowered to 1,954k vs. 1,998k previously (8.1% y/y growth)."

"Tesla recently announced price increases starting April 1. We forecast a slightly lower ATP decline in FY24 – at $42.5k (-4.6% y/y) vs. $42.1k (-5.5% y/y) previously," they added.

For earnings, Morgan Stanley lowered its adjusted earnings per share forecast to $0.24 from $0.29 previously, while its FY24 EPS forecast is unchanged at $1.51.

Latest comments

It’s literally collateral on the loans Morgan Stanley wrote for the purchase of Twitter. When you owe the bank $1mill the bank owns you. When you owe the bank $12billion, you own the bank.
Based on what? In China shrinking sales, price war, lower margins, and lower sales numbers. But yes, the price will double from here. Based on what? The Chinese brands will destroy Tesla's sales.
You must think Tesla is a car company. Just watch as MS's target will prove conservative by the end of 2025.
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