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Tesla Motors lower after Morgan Stanley dials back Model X estimates

Oct. 06, 2015 10:58 AM ETTesla, Inc. (TSLA) StockTSLABy: Clark Schultz, SA News Editor234 Comments
  • Morgan Stanley is out with a fresh note on Tesla Motors (NASDAQ:TSLA) as its factors in some of the revelations on the Model X into the equation.
  • The typically-effusive MS team cuts its Model X delivery forecast for 2016 to 20K units and to 34K units for 2017, due in part to the high sticker price. The drop in volume will be partially offset by a higher average transaction price, although Morgan thinks Tesla will need to explore alternative EV mobility models to plug the revenue gap.
  • Looking further out, the combined volume forecast (Models S, X, and 3) for 2020 is set at 287K by MS, compared to the 500K projection from Tesla.
  • The price target on Tesla is reduced by Morgan Stanley to $450 from $465 based on the new Model X forecast.
  • Shares of Tesla are down 2.77% to $239.33, which is pretty close to the mid-point of the 52-week trading range of $181.40 to $286.65.

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