One of Tesla's Biggest Bulls Just Downgraded the Stock
- Alphabet, Apple plotting ‘assault’ of shared, autonomous EVs
- ‘The balance sheet is already stretched,’ BI analyst writes
Tesla Says Model 3 Production Is on Track
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Tesla Inc. lost a buy rating from one of its longtime bulls, with a Morgan Stanley analyst boosting his projection for how much cash the carmaker will burn through as more prosperous rivals encroach on its business.
Adam Jonas, Morgan Stanley’s top auto analyst, has been one of the biggest advocates for Tesla stock, envisioning offerings of a ride-for-hire service that could double the value of the company. He now sees operating losses continuing through next year and estimates the company will consume $3.1 billion of cash this year, compared with an earlier estimate of $2.3 billion.