Morgan Stanley analyst Adam Jonas reinstated Tesla (TSLA) as the analyst’s “Top Pick” in U.S. autos, noting that shares are down nearly 30% year-to-date on a “clear buyers’ strike.” Tesla’s January sales in Europe were down 45% year-over-year in a month when European EV sales were up 37% year-over-year, according to Bloomberg, notes the analyst. Tesla FY25 deliveries could potentially decline year-over-year, adds the analyst, who would see this “creating an attractive entry point to our preferred embodied AI name.” Tesla’s softer auto deliveries are “emblematic of a company in the transition from an automotive ‘pure play’ to a highly diversified play on AI and robotics,” adds the analyst, who maintains an Overweight rating and $430 price target on Tesla shares.
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