Tesla stock a bargain as it nears Morgan Stanley bear case

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Tesla has lost nearly US$300 billion in market value in two months and analysts say the share\u002Dprice decline has gone far enough. Read on.

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Despite challenges including decelerating demand and price cuts in China, Tesla is the only electric vehicle maker covered by Morgan Stanley that generates a profit on the sale of its cars, Jonas wrote in a note. The analyst — who also highlighted Tesla’s potential to benefit from consumer tax credits in the United States — reiterated his US$330 price target.

Shares rose 1.5 per cent in premarket trading to US$172.40. The stock has slumped this year amid rising raw materials costs, issues with production and sales in China and pressure on customer budgets. Latterly, chief executive Elon Musk’s focus on turning around Twitter Inc. has also hit sentiment, with US$300 billion wiped off Tesla’s market cap in the past two months, according to Bloomberg calculations.

The distraction caused by Twitter is essential to stop the stock slide, according to Jonas. “There must be some form of sentiment ‘circuit breaker’ around the Twitter situation to calm investor concerns around Tesla,” he wrote.

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