Tesla Shifts From Growth To 'Distressed-Credit' Story, Morgan Stanley Says [Forbes]
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Source: Forbes
Tesla Shifts From Growth To 'Distressed-Credit' Story, Morgan Stanley Says Tesla has entered a dangerous phase in its relatively short life, shifting from a company many believed had vast long-term growth potential to a “distressed-credit and restructuring” story, according to an influential Wall Street analyst. Morgan Stanley equity analyst Adam Jonas, a long-time Tesla bull who’s grown increasingly bearish upcoming Model Y crossover As recently as late 2018, “Tesla was seen as a growth story,” Jonas said on the call. "Today, supply exceeds demand, they're burning cash. Nobody cares about the Model Y. … Tesla is not seen as a growth story, at least the feedback we were getting, which is quite one-sided ... it's seen more as a distressed credit story and restructuring story.” The leaked comments come on the heels of a research note this week in which Jonas slashed his "worst-case" price for Tesla shares to just $10 The company didn’t immediately respond to a request for comment on the
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