📰 $TSLA: Morgan Stanley Raises target price to $400 from $310 (Top Pick) ❖ Policy changes challenge short-term US EV sales; maintain autonomous tech lead. ❖ US SAAR expected >16 million with lower rates, but tariffs might increase inflation. ❖ Favor dealers over suppliers; Tesla remains our Top Pick. ❖ 2025 election prompts updated forecasts, focusing on: • EV policy changes • Onshoring and tariffs • Chinese export growth • Autonomous vehicle developments ❖ Election extends ICE vehicle preference, but seek EV ecosystem value in 2H. ❖ Advise agility and selectivity for investors due to policy volatility.