Morgan Stanley analyst Adam Jonas lowered the firm’s price target on Tesla to $320 from $345 and keeps an Overweight rating on the shares. Despite the company’s continued price cuts, demand for EVs continues to decelerate, with fleets dumping EVs and amid “strong” hybrid momentum competition, the analyst tells investors in a research note. Tesla’s product is also “relatively aged” as it may now be the oldest of any major OEM, the firm added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on TSLA:
- ‘Stay Away,’ Says Bernstein About Tesla Stock (Buy BYD Instead)
- Options Traders Are Betting Against Tesla Stock (NASDAQ:TSLA). Here’s Why
- Bezos Beats Musk in Wealth Race, But Does AMZN Beat TSLA?
- Tesla Stock (NASDAQ:TSLA) Tumbles on Disappointing China Sales
- Production Halted at Tesla’s (NASDAQ:TSLA) Gigafactory in Berlin