Elon Musk has sold Tesla shares to fund the $44 billion deal to buy Twitter. $TSLA has lost more than 40% so far this year, which would be its worst, and compares with losses of around 17% for the S&P 500 index.
Morgan Stanley sampled a few Tesla investors and detected what Wall Street has long posited: Chief Executive Elon Musk’s “involvement” with Twitter Inc. “has contributed to negative sentiment momentum” in the stock.
Morgan Stanley analyst Adam Jonas said that survey results reinforced his views about the negative impact of the Twitter saga on Tesla “and could drive some degree of adverse downside skew to Tesla fundamentals.”“We see a window of buying opportunity near our $150 bear case,” Jonas said in his note. The analyst kept the equivalent of a buy rating on the stock and a price target of $330, representing an upside of more than 80%.
The survey was distributed to an undisclosed number of institutional investors and industry experts recently, and Morgan Stanley got back 43 responses.Also Tuesday, analyst Toni Sacconaghi with Bernstein said that, thanks to the Tesla stock pullback, he views the “current risk/reward on the stock as more balanced, though still modestly negative,” given Tesla’s “elevated” valuation and a rising risk of downward revisions amid “potential demand challenges.
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