to "underweight," the equivalent of a sell rating, for the first time in more than seven years.
"Near-term momentum and sentiment around the stock is admittedly very strong, but we ultimately question the sustainability of the momentum," Adam Jonas of Morgan Stanley wrote in a Thursday note. He also lowered his valuation for the company's mobility unit and increased his expectations for the core auto business, resulting in a higher target price.
Jonas also said he thinks that optimism around China has been fully priced into Tesla's stock, while the risks for the world's largest electric-vehicle market are not fully appreciated.
What product does Morgan Stanley sell? They innovate nothing but are spin masters of their own interests.
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