Morgan Stanley maintains a "Neutral" rating on Tesla (TSLA.US) ahead of Q3 earnings: Robotaxi scaling remains the core catalyst, with opportunities and risks coexisting amid high capital expenditure.

Zhito Finance APP has learned that Tesla (TSLA.US) will release its earnings report after market close next Wednesday (October 21), and Morgan Stanley has issued a preview report on its 2026 third-quarter performance. Morgan Stanley's stance on Tesla has shifted to a more constructive one, maintaining an Equal-weight investment rating, with a base-case target price of $400, while the current stock price is $362.44. The report points out that the large-scale rollout of Robotaxi remains Tesla's core stock price catalyst, and visible progress has been made in the commercialization of the Cybercab driverless taxi, but massive capital expenditures are consuming cash flow, valuation pressure still remains, and the extent of the stock's upside depends on commercial validation of the physical AI business.