Fund Manager Gary Black Puzzled By Tesla Analyst's 'Weird' Take On EV Giant's Stock: 'MS Sales Team Will Have A Hard Time With This Call'
Portfolio Pulse from Shanthi Rexaline
Morgan Stanley analyst Adam Jonas lowered his 2024 adjusted EPS estimate for Tesla from $2.41 to $1.98, below the consensus estimate of $3.82, and reduced the price target from $380 to $345. Gary Black of Future Fund, who is bullish on Tesla and holds it in the Future Fund Active ETF (FFND), criticized Jonas' estimates as being inconsistent with his second-highest price target among analysts. Tesla is expected to report Q4 earnings soon, and its performance may influence its current trading range.
January 23, 2024 | 7:13 am
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Gary Black of Future Fund, which includes Tesla as its third-highest holding in FFND, criticized the lowered Tesla estimates by Morgan Stanley, indicating a potential disagreement with the market's valuation of Tesla.
Gary Black's disagreement with the lowered estimates may not directly impact FFND's price, but it highlights the fund's bullish stance on Tesla, which could influence investor sentiment towards FFND.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Tesla's price target was reduced by Morgan Stanley from $380 to $345, with a lower 2024 adjusted EPS estimate. The stock's short-term performance may be influenced by the upcoming Q4 earnings report.
The reduced price target and EPS estimate by Morgan Stanley could create uncertainty among investors, potentially affecting the stock price. However, the upcoming Q4 earnings report will be more indicative of the stock's short-term trajectory.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90