Morgan Stanley Reiterates Overweight Rating, $47 PT on Tesla Motors on 1Q13 Preview

In a report published Tuesday, Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and $47.00 price target on Tesla Motors (NASDAQ: TSLA).In the report, Jonas noted, “Following Tesla's pre-announcement, we adopted the guidance for net profitability on a GAAP and non-GAAP basis at over 4,750 units of Model S. We raise our FY Model S delivery forecast to 18k from 16k previously, but remain below the company's target as we expect a modestly slower pace of production in 2H as the company rolls out deliveries to international markets. We expect a 0.2% positive OP margin (including stock comp) is the year's peak, falling to -2.4% in 2Q and further in 2H, for a -5% FY OP margin. We expect Tesla benefited from significant sales of ZEV credits in the quarter that we fade to zero by 4Q. For 2014, we expect 20k units delivered, up from our previous estimate of 20k.”Tesla Motors closed on Monday at $43.30.