Tesla Inc TSLA shares are trading higher Thursday. The move appears to be driven by positive commentary from CEO Elon Musk and analysts at Morgan Stanley.
What To Know: Tesla shares have faced significant selling pressure in recent sessions. The stock was on a seven-day slide before bouncing off the lows this week.
Musk sent a company-wide email on Wednesday, telling employees they shouldn't be "bothered by stock market craziness," per Reuters.
The Tesla chief reportedly said he believes Tesla "will be the most valuable company on Earth" over the long term.
The report indicates that Musk also urged employees to ramp up deliveries at the end of the current quarter.
"Please go all out for the next few days and volunteer to help deliver if at all possible. It will make a real difference," Musk wrote in the email to employees.
What Else: Morgan Stanley analyst Adam Jonas maintained Tesla with an Overweight rating on Thursday and lowered the price target from $330 to $250, citing tempered expectations for the EV maker.
Jonas expects 2023 to be a reset year for the electric vehicle market. Over the last two years, demand has exceeded supply, but in 2023 supply is set to exceed demand, Jonas said.
The Morgan Stanley analyst believes Tesla is in a position to extend its lead versus EV competitors.
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TSLA Price Action: Tesla shares are down nearly 70% since the start of the year and have fallen more than 40% in just the last month.
The stock was up 6.32% at $119.82 at time of publication, according to Benzinga Pro.
Photo: courtesy of Tesla.
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