Morgan Stanley analyst Adam Jonas keeps an Overweight rating on Tesla with a $320 price target despite a reduction in the firm’s Q1 deliveries estimate. The firm cut its Q1 deliveries estimate to 425,400 units from 469,400 and fiscal 2024 estimate to 1.954M units from 1.998M. The analyst cites Morgan Stanley’s latest channel checks, including China data and electric vehicle volumes, ahead of Tesla’s April 1 delivery release for the reduction. The firm, however, looks for price increases and cost cutting actions “to compensate” for lower deliveries.
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