Morgan Stanley downgrades Tesla stock from “Overweight” to “Equal-Weight” and raises target price to $425. Analyst Adam Jonas shifts focus, Andrew Percoco takes over coverage, citing slower U.S. EV adoption and competition. Non-automotive business concerns include autonomous driving and humanoid initiatives. Tesla’s camera-only self-driving approach faces challenges in extreme weather. Chinese competition in robotics poses a threat. Volatility expected in Tesla stock due to competition and execution risks. Tesla’s success hinges on autonomous driving and robotaxi expansion. Delivery expectations for 2026 are tepid.

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