Valuation is more of an art than a science, right Morgan Stanley?

After spectacularly bumblefucking the Uber IPO, the House of Gorman is moving on to new things, like publishing a note from former Tesla acolyte Adam Jonas that says this:

Morgan Stanley analyst Adam Jonas, previously a major Tesla bull, said rising debt and geopolitical exposure, including the risk that Chinese demand for the company’s cars could suffer, had led him to cut his worse-case scenario to $10 from $97.

“Tesla has grown too big relative to near-term demand, putting great strain on the fundamentals,” wrote Jonas, rated a five-star analyst by Refinitiv for the accuracy of his forecasting on the company.

“The departure of key executives, price discounting, and extraordinary cost-cutting efforts add to the narrative of a company facing real potential stress.”

Considering that Jonas was once notorious for effectively projecting  Tesla's long term valuation as "All of the money," it's very telling that he foresees a situation in which Elon's car company could lose about 95% of its value. And it's also fun to see Jonas' [rabid grizzly] bear case on Morgan Stanley letterhead this soon after the Uber IPO.

Life is funny.

Morgan Stanley piles pressure on Tesla with $10 worst case call [Reuters]

Related

tesla-guy-fawkes

Elon Musk's Thirstiest Stan Tearfully Pulls Tesla Poster Off His Office Wall

Morgan Stanley's Adam Jonas is Elon's newest apostate.

tesla-guy-fawkes2

Tesla Results Miss On Every Key Component But One

Elon Musk's notional car company is losing money and executives, but his key Wall Street apostle remains unfazed.

Morgan Stanley Analyst So Disappointed That Elon Musk Is Such A Total Wuss All Of A Sudden

Adam Jonas just wants things with Elon Musk to feel like they used to.

creation-of-elon-musk4

With His Martyrdom Approaching, Elon Musk Has Found His Saint Peter

Former apostle Adam Jonas has downgraded Tesla four times, and the rooster has not yet crowed.

Tesla Bubble

In Tesla's Dark Moment, Adam Jonas Shockingly Sees Only Light

Nothing can make our favorite Elon stan doubt his beliefs.

ElonMusk.TickerTape

Elon Musk's New Semi Leaves Wall Street With A Semi Of Its Own

The Church of Elon is in a full-blown crisis of faith.

Uber hindenburg

Investors Psyched To Learn That Morgan Stanley Was "We Need A Naked Short"-Level Of Confident As Uber IPO Approached

If an underwriter is using a naked short to sell you insurance on an IPO and you still buy into it, you might be too dumb to have money.