Morgan Stanley maintained their Overweight rating on Tesla (NASDAQ:TSLA) with a 12-month target of $380.00 per share, anticipating a potentially turbulent year for the electric vehicle manufacturer.

Analysts at Morgan Stanley noted that investor caution towards Tesla isn’t surprising due to increased competition and the absence of major new high-volume products in 2024. The firm foresees a challenging year for Tesla, with the possibility of the company’s gross auto margin hitting 10%. Additionally, there’s a risk that Tesla’s core operating margin could dip into negative territory if current adverse trends in the auto sector continue, potentially impacting the stock negatively.

Despite these challenges and a difficult 2023 marked by a 2-million-unit safety recall and risks of negative revisions, Morgan Stanley’s outlook on Tesla remains optimistic. The analysts emphasize that Tesla’s value extends beyond being just an auto company; it’s also seen as an AI entity. The firm’s valuation of Tesla, with 77% deriving from Network Services, Mobility, third-party battery/FSD licensing, Energy, and Insurance, supports their bullish stance.

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