Tesla Motors Inc.'s stock shed 2.6% in premarket trade Wednesday, after Morgan Stanley slashed its forecasts for Model X deliveries and earnings. Analyst Adam Jonas now expects Tesla to deliver 5,000 Model X units in 2015, down from a previous forecast of 15,000 units. "Our forecasts apply what we believe to be reasonable execution risk on this important model to ensure uncompromising quality of initial units," Jonas wrote in a note to clients. He also cut his 2014 earnings-per-share estimate to 73 cents from $1.13, and his 2015 forecast to $2.45 from $4.39. Meanwhile, Jonas kept his rating on the stock at overweight, and his price target at $320, and said he would view any hiccups or delays in vehicle deliveries "as an opportunity to increase exposure to what we believe is the most important manufacturer in global autos." The stock has climbed 71% so far this year through Tuesday, compared with an 11% gain in the S&P 500.
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