Morgan Stanley lowered the firm’s price target on Tesla (TSLA) to $410 from $430 and keeps an Overweight rating on the shares. While Tesla’s year-to-date auto deliveries have been mostly below expectations, it is not particularly narrative changing for the firm’s investment thesis, the analyst tells investors in a research note. 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, Morgan Stanley argues.
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