Tesla Plunges After Morgan Stanley Reduces Price Target 37%
This article is for subscribers only.
Tesla Motors Inc. plunged after a Morgan Stanley analyst downgraded the stock and cut his price target by 37 percent, saying electric vehicles are “not ready for prime time.”
Tesla fell 9.7 percent to $30.89 at the close in New York. The Palo Alto, California-based company’s shares have gained 16 percent this year.