Morgan Stanley Keeps $415 PT on Tesla

Morgan Stanley analyst Andrew Percoco reiterated on February 10, 2026, an ‘Equalweight’ rating and $415 price target on Tesla.

“We have received numerous inbound questions on Tesla’s tentative announcement to add 100 GW of solar manufacturing capacity, which we address in more details below.

To summarize our view, we believe Tesla’s plan to vertically integrate solar manufacturing is representative of Elon Musk’s goal to send a significant amount of solar-powered data centers into space, while also driving synergies with its leading energy storage business.

We preliminarily estimate that at full capacity, Tesla Solar could add $20-$50bn ($6-$14/shr) of equity value to Tesla’s Energy business, which we currently value at $140bn ($40/shr).

While not too material to Tesla’s valuation on a standalone basis, we believe the decision to allocate capital to adding solar capacity may be justified by the value creation and growth opportunities that having a vertically integrated solar + energy storage business can yield (i.e. sending data centers to space with limited supply chain bottlenecks).

Said differently, in the absence of this investment, Tesla could run the risk of facing significant energy-related bottlenecks that handcuff its ability to achieve its broader goals across other businesses.”

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