Morgan Stanley head of global auto research Adam Jonas expects Tesla’s fourth-quarter results on Wednesday to be hurt by overall slower electric vehicle momentum.
Jonas reiterated an overweight rating on the EV stock but lowered his price target to $345 per share from $380. Jonas’ forecast implies nearly 63% upside from Friday’s $212.19 close.
“Global EV momentum is stalling,” Jonas said. “The market is over-supplied vs. demand. We anticipate Tesla’s 2024 outlook to be cautious on volume and profitability.”
Tesla stock gains 1% in premarket trading.
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