Tesla Rebounds as Morgan Stanley Says Selloff Gone Too Far
- Shares down 48% this year, amid China risk, Musk’s Twitter buy
- Morgan Stanley sees value opportunity, while Citi upgrades
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After losing nearly $300 billion in market value in two months, a growing chorus of Tesla Inc. analysts say the share-price decline has gone far enough, pushing the stock higher on Wednesday.
Morgan Stanley analyst Adam Jonas earlier said that Tesla is approaching his “bear case” price target of $150, presenting an opportunity for investors to buy at a bargain price. Citi analysts upgraded the shares to neutral from sell, saying that a more than 50% slump this year “has balanced out the near-term risk/reward.”