$TSLA -->>>
Tesla weakness presents a buying opportunity, says Morgan Stanley
Morgan Stanley analyst Adam Jonas attributes recent weakness in Tesla shares to a combination of continued delays in the ramp up of Model 3 production, negative headlines on autonomous cars, a credit rating downgrade by Moody's and a broader weakness in tech stocks. He would recommend using any further weakness from here as an opportunity to build an Equal-weight position in the stock, noting that its current share price leaves Tesla's stock midway between his base case and bear case valuation. While the stock trades below his assessment of fair value, Jonas keeps an Equal Weight rating on Tesla shares, as he believes that the risks associated with it are higher than an average North American automotive and shared mobility stock. Jonas maintains a $379 price target on Tesla shares
