Longtime Tesla bull Adam Jonas downgrades the electric vehicle maker, cites high valuation after rally

Morgan Stanley analyst Adam Jonas thinks Tesla's recent rally disproportionately reflects AI excitement around the stock. The longtime Tesla bull downgraded shares of the electric vehicle maker to equal weight from overweight on Thursday. He did raise his price target to $250 per share, but that implies downside of 3.6% from Wednesday's close. The stock has rallied more than 32% over the past month alone and nearly 111% from the start of the year. "I have to be up-front with you all. While the team has defended the Tesla OW...