Morgan Stanley reiterated an Equal-weight rating on Tesla (NASDAQ:TSLA) with a 12-month price target of $250.00 following their Annual Intern Survey.
Morgan Stanley conducted their 5th Annual Intern Survey of ~575 Morgan Stanley N. American summer interns, providing a window into the preferences of a future generation of business leaders and commercial influencers.
The desirability of Tesla among interns experienced a notable YoY decline, dropping to 14%, while Mercedes (ETR:MBGn) secured a higher position at 20%. This marks the first time in the survey's history that Tesla has not been the most sought-after car brand. Over the past years, Tesla's appeal among interns has been on a downward trend, having held 19% in 2022 and a significant 30% in each of the three preceding years.
“Our intern preferences largely align with our views,” wrote analysts. “We believe Tesla's ubiquity will continue as the company drives down price and pushes volume, competing to be the next Toyota rather than the next Mercedes,” they added.
Shares of TSLA are down 0.85% in pre-market trading on Tuesday.