Tesla's disappointing first quarter delivery number led Morgan Stanley analyst Adam Jonas to lower his price target on the stock from $260 to $240, and cut forecasts for a number of key financial metrics.
Morgan Stanley cut Tesla price target Monday, saying it expects the automaker to deliver fewer vehicles in 2019, especially its high-end Model S sedan and Model X sport utility vehicle.
Tesla shares were up nearly 1 percent Monday in morning trading. The stock has lost more than 17 percent of its value since the beginning of the year.
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