大行评级丨大摩：预计特斯拉转型将提高营运及资本开支，目标价降至415美元

Core Viewpoint - Morgan Stanley's research report indicates that Tesla's future focus is on transitioning to the physical artificial intelligence sector, with a core emphasis on increasing capital intensity due to significant investments in physical infrastructure and computing power [1] Financial Projections - Operating expenses are expected to remain high, projected to account for 14.5% of sales by 2026, up from 13% in 2025 [1] - Capital expenditures are also anticipated to rise, with an estimate of $21 billion for this year, exceeding the company's guidance of over $20 billion [1] Target Price Adjustment - The target price for Tesla has been lowered from $425 to $415, reflecting a 5% and 10% downward adjustment in the adjusted EBITDA forecasts for 2026 and 2027, respectively [1] - The increase in capital expenditures is leading to higher cash consumption, which may limit short-term valuation multiple expansion despite supporting the company's leadership in the physical AI sector [1]