Tesla slips after Morgan Stanley downgrade on limited upside

Tesla TSLA.O shares slip nearly 1% to $451.08 premarket

Morgan Stanley analyst Andrew Percoco in note dated Sunday assumes coverage of the stock with "equal-weight" down from "overweight"; MS last downgraded Tesla in 2023

With shares trading at 30-times estimated 2030 EBITDA, Morgan Stanley prefers to wait for a better entry point

Brokerage sees non-auto catalyst path as broadly priced in

MS raises PT to $425 from $410, representing a downside of nearly 7% from stock's last close

Morgan Stanley's 2026 auto volume forecast is now 13% below consensus, reflecting a more cautious EV industry outlook

24 of 55 brokerages rate the stock "buy" or higher, 20 "hold" and 11 "sell" or lower; their median PT is $413 - data compiled by LSEG

As of last close, TSLA up 12.7% YTD