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Morgan Stanley (NYSE:MS) reiterated its Overweight rating on Tesla (NASDAQ:TSLA) with a $410 price target, signaling a potential 39% upside despite recent volatility fueled by a public feud between Elon Musk and President Donald Trump. Tesla shares tumbled nearly 15% last week amid heated social media exchanges between the two figures, though tensions appeared to ease over the weekend.
At the heart of the conflict is Trump’s proposed tax and spending bill, which includes a phase-out of electric vehicle (EV) tax credits—an aspect Musk strongly criticized. However, Morgan Stanley analysts downplayed the bill’s long-term impact on Tesla, noting that tax credits are not crucial to its strategic trajectory.
Tesla stock had previously soared over 50% after Musk announced he would distance himself from political affairs to focus on Tesla operations. But the renewed political spotlight may create short-term demand pressures, as it risks alienating consumers across the political spectrum.
The company is also grappling with slowing EV sales, increased competition from Chinese automakers like BYD (SZ:002594), and an aging vehicle lineup, contributing to a 22.2% decline in the stock for 2025 so far.
Still, Morgan Stanley remains optimistic about Tesla’s long-term fundamentals, citing the company's edge in AI, robotics, autonomous driving, supply chain innovation, and renewable energy. Analysts believe these factors are “largely apolitical” and remain strong value drivers.
While Morgan Stanley warned of potential near-term stock volatility, it emphasized that the core growth narrative remains intact. Tesla continues to position itself as a tech-driven EV and AI leader, even as political drama stirs market uncertainty.
