Morgan Stanley analyst and Tesla Inc TSLA bull Adam Jonas recently conducted an investor survey that revealed a prevailing negative sentiment towards the electric vehicle giant’s stock. Despite this, Jonas maintains his bullish stance on Tesla.
The survey, which received responses from 84 investors, indicated that the majority of participants hold a pessimistic view on Tesla’s shares. Approximately three-quarters of the respondents believe that the stock has not yet reached its lowest point, with bears outnumbering bulls by over 2 to 1. Many investors are focused on concerns regarding the decreasing demand for electric vehicles.
Interestingly, 60% of those surveyed anticipate that Tesla’s shares will underperform compared to the S&P by the end of the year. Additionally, around 75% of the investors expect the stock to hit a bottom price of $150 or lower in the near future.
Despite the negative outlook from investors, Adam Jonas maintains his overweight rating on Tesla, setting a price target of $345. He continues to view Tesla not just as an electric vehicle company but as a conglomerate encompassing energy, AI, and robotics. Morgan Stanley is eagerly awaiting Tesla’s AI Day 2024 for further insights into the company’s AI initiatives.
Elon Musk, Tesla’s CEO, has repeatedly emphasized the company’s leading position in real-world AI and its evolution from a mere automobile manufacturer to an AI and robotics enterprise. Tesla’s diversified portfolio now includes energy storage solutions, solar products, supercharger stations, software, and robotics.
Musk has underscored Tesla’s unique positioning in the AI and technology space, distancing it from traditional automakers like Toyota. Although Tesla’s core business remains centered on electric vehicles, its expansion into various technological fields underscores its broader strategic vision.
The upcoming Tesla AI Day 2024 is eagerly anticipated by investors and analysts alike as it promises to shed more light on Tesla’s advancements in AI and robotics. This event could potentially reshape perceptions of Tesla and solidify its position as a technology pioneer in the automotive industry.
