Morgan Stanley analyst Adam Jonas, known for making bullish calls on Tesla Motors Inc. , called for a wider first-quarter adjusted loss for the electric-car maker. Jonas said he expects a non-GAAP loss of 77 cents on the quarter, compared with consensus expectations of a loss of 48 cents, in a note Tuesday. For this year, Morgan Stanley expects a loss of $2.30 a share versus consensus estimates of earnings of 58 cents a share. For 2016, the investment bank sees earnings of $1.40 a share versus a Wall Street consensus of $3.99 a share. Jonas said he expects the electric-car maker's gross margins to deteriorate in the second half of the year as the company ramps up production of the Model X, its new SUV. The analyst, however, kept his overweight rating on Tesla's stock and a $280 price target, 35% upside from Tuesday's share price. Tesla shares have gained 7.5% in the past three months, compared with gains of nearly 4% for the S&P 500 index in the same period.
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