Morgan Stanley's team of auto analysts, led by Adam Jonas, cut its price target on Tesla shares on Monday for the third time this year.
"We are increasingly concerned about the impact that investor concerns over Tesla's financial strength and forward looking liquidity position could potentially have on employee morale, customer perceptions and standing with key stakeholders and suppliers," analysts led by Adam Jonas wrote in a report.
Morgan Stanley lowered its price target from $260 to $240 a share, implying a 13% drop from Friday's closing price.lowered their price target"If and how Tesla may have access to capital is a top theme in discussions with investors," the team said, adding that they still think the carmker will have to raise $2.5 billion of equity in the third quarter.
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