Liam Denning, Columnist

The Unnerving Sound of Tesla Bulls Growling Like Bears

A Morgan Stanley analyst’s call may be one of the most remarkable of this kind, but it won’t be the last.

May 23, 2019 at 1:24 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

How some Tesla bulls are starting to feel.
Photographer: AFP/AFP/Getty Images

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Morgan Stanley hosted a private investor call about Tesla Inc. on Wednesday that was like a scene from a David Cronenberg movie. A long, disturbing single take of a bull not-quite-transforming into a bear, leaving us with something in-between, unnatural, chimeric.

Analyst Adam Jonas currently has a “hold” rating on Tesla’s stock but has long had a reputation as an enthusiast for the company, based in part on often bullish price-targets for the stock. On the investor call, however, the bearish tone was unmistakable: