Morgan Stanley continues to see buying opportunity in Tesla stock despite soft deliveries

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By Senad Karaahmetovic

Tesla (NASDAQ:TSLA) stock is down about 10% today, following the softer-than-expected Q4 deliveries and production report released yesterday.

Several sell-side analysts lowered their estimates and price targets on Tesla stock after incorporating the Q4 delivery numbers. Bernstein analysts also weighed in negatively on Tesla as they believe the electric vehicle (EV) maker is "facing a significant demand problem."

On the other hand, Tesla was also defended by some analysts, with Vital Knowledge analysts saying that soft Q4 deliveries "may not be a terrible surprise."

"The fact they cleared that level is a modest positive," analysts wrote in a note.

"Not that we think TSLA is a screaming buy by any means, but extremely subdued earnings expectations is one reason we’re more bullish than the consensus on the broader market."

Long-time Tesla bull, Morgan Stanley analysts, again reiterated an Overweight rating on Tesla stock and see "recent share price weakness is a window of opportunity to buy the global EV market leader with long-term growth potential at a more reasonable price."

"Between a worsening macro backdrop, record high unaffordability, and increasing competition, there are hurdles for all auto companies to overcome in the year ahead. However, within this backdrop we believe TSLA has the potential to widen its lead in the EV race, as it leverages its cost and scale advantages to further itself from the competition," the analysts wrote in a note to clients today.

As of 10:35 EST (15:35 GMT), Tesla stock trades at $110.97.