In a research report published earlier today, Morgan Stanley has adopted virtually all of Tesla Motors' TSLA 2012 guidance, except for the Model S delivery volume, where Morgan Stanley remains at 2,000 units.
“We expect gross margins to trough in 3Q at close to 10% (down from high 30s in 1Q) due to temporary production inefficiencies related to the Model S launch, recovering to 23% by 4Q. We expect Tesla to end 2012 with $241m of gross liquidity vs. $220m vs. $224m previously,” Morgan Stanley said in the report.
Morgan Stanley maintains its Underweight rating and $44 PT on Tesla Motors, which closed yesterday at $33.75.
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