© Reuters Tesla continues to climb more than 4% ahead of market, Morgan Stanley says Tesla stock price is already very attractive
Investing.com – Tesla (NASDAQ: ) continued to climb 4.52% before market on Thursday (29), and was up more than 3% yesterday. Many analysts said this is a good opportunity to buy Tesla.
Morgan Stanley analysts have pointed out that the recent sell-off has created a buying opportunity for Tesla stock. They reiterated their overweight valuation on Tesla but lowered their price target to $250 per share from $330 earlier.
“We think Tesla will likely expand its lead on electric vehicles (both traditional and new) in fiscal 2023, even ignoring the inflation-cutting bill, which is also the largest,” analysts said in a statement. Note.
They also reiterated that 2023 could be a “reset” year for the EV market, as supply is expected to outstrip demand.
Analysts said: “Under these circumstances, we believe those companies that are able to generate their own cash (without relying on external funds) and have scale and cost leadership across the entire industry chain (from manufacturing to upstream materials) can become relatively successful.”
Analysts believe Tesla has become attractive as shares near Morgan Stanley’s $80-per-share target.
On the other hand, Morgan Stanley cut Tesla’s target price to reflect the fourth quarterdelivery volumeExpectations drop. Morgan Stanley analysts now expect Tesla to deliver about 399,000 vehicles, about 30,000 fewer than the consensus estimate.
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