$TSLA - MORGAN STANLEY: TESLA DELIVERIES IN LINE, FOCUS SHIFTS TO ROBOTAXI Morgan Stanley reiterated an Equalweight rating and $425 price target on Tesla. Tesla delivered 418,000 vehicles in 4Q25, slightly below consensus but above buy-side expectations. Energy storage deployments beat forecasts, reaching a record 14.2 GWh. The firm maintains its 2026 outlook of 1.6 million vehicle deliveries and 64 GWh in energy storage. Morgan Stanley sees the primary catalyst as progress in Tesla’s robotaxi and unsupervised FSD initiatives in 1H26, which are key to supporting long-term volume growth.