Tesla Shares Slip After Morgan Stanley Downgrade

Tesla shares slipped more than 4% on Monday after Morgan Stanley cut its rating on the stock to Equal-weight from Overweight, even as the firm raised its price target to $425 from $410. With Tesla changing hands around $455 into the move, the new target implies modest downside and a more balanced risk-reward profile in the eyes of the bank’s analysts. The downgrade also coincides with a notable change in coverage leadership. Longtime Tesla watcher Adam Jonas is no longer the primary analyst on the name. Coverage is now being assumed by a…