Tesla (TSLA) shares took a tumble on Monday following a report from Morgan Stanley regarding TSLA stock.
The electric vehicle-maker’s CEO Elon Musk met with the firm earlier today to discuss TSLA stock. He believes the stock is “kind of high right now.”
“We are big believers in Tesla’s strategy,” Morgan Stanley analysts say. “But we do not expect the stock to appreciate so consistently and one-directionally from here.”
Morgan Stanley added that the company’s success in the electric-vehicle market will help TSLA stock going forward. However, the firm sees Tesla as a “niche player” and not a mass manufacturer in the automotive industry.
TSLA stock is down about 9% Monday afternoon with shares selling at $253.88. The stock is up about 68% YTD.
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