Morgan Stanley Downgrade
Adam Jonas Strikes Again...
"While we like the FSR story and strategy (design, engineering, and supply chain and their relationship with Tier 1 supplier Magna-Steyr), FSR's need for capital, an unfavorable re-balancing of supply and demand in the EV space (where even Tesla, the current market leader, has announced sharp and unprecedented price cuts globally), and a potentially crowded EV market during a time of ongoing deterioration in the macro environment drives us to downgrade the stock to UW."
The Tesla (ticker: TSLA) cuts are evidence that EVs are passing from acute under-supply to potential over-supply, according to Morgan Stanley analyst Adam Jonas. He sees the sector entering a “share-out phase” and recommends investors hold less exposure to EV stocks. ...He slashed his price target to $4 a share from $8. Jonas also cut his Lucid price target in half—to $5 from $10 a share. He maintained his Sell rating on Lucid shares.
Check out the latest episode of All-Things Fisker.
🌊 Ocean One #0469 | Night Drive | Black Abyss Plus | 22” F3b SlipStreams
@seancallahan sounds like Adam Jonas wasn’t happy with his sequence number! 🎬