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Tesla: Morgan Stanley makes 2,070 dollar bull case call

(CercleFinance.com) - Morgan Stanley said on Tuesday that Tesla shares could rise to 2,070 dollars if demand for its cars outstips expectations.


The broker's revised "bull case" scenario is based on a volume forecast of six million units by 2030, compared to a previous blue-sky scenario of four million units.

This "bull case" is also based on an EBITDA margin of 20%, which would place the company amongst the top luxury car manufacturers, Morgan Stanley wrote in a research note.

Tesla was already seen as the undisputed leader in electric vehicles, the broker added, but its resilient second-quarter has sent the stock well above its prior bull case of 1,200 dollars, it pointed out in the note.

Despite these comments, Morgan Stanley maintains an "underweight" rating on the stock, with a target price of 740 dollars.

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