Xin Lang Cai Jing·2026-02-11 05:51Core Viewpoint - Morgan Stanley's report indicates that Tesla's allocation of capital to solar manufacturing is based on long-term strategic considerations related to geopolitical changes and data center demand [1] Group 1: Tesla's Solar Manufacturing Strategy - Tesla's plan for vertical integration in solar manufacturing reflects Elon Musk's goal of deploying solar-powered data centers into space while simultaneously promoting the synergy of its leading energy storage business [1] - Morgan Stanley estimates that once fully operational, Tesla's solar business could add between $20 billion to $50 billion (or $6 to $14 per share) in equity value to its energy business [1] Group 2: Valuation and Investment Implications - Currently, Morgan Stanley values Tesla's energy segment at $140 billion (or $40 per share) [1] - Although the impact on Tesla's overall valuation from the solar initiative may not be significant, the decision to invest in new solar capacity is seen as reasonable, as it could create value and growth opportunities through a vertically integrated solar and energy storage business [1] - Without this investment, Tesla may face significant energy-related bottlenecks that could limit its ability to achieve broader business objectives [1] Group 3: Analyst Rating and Price Target - Morgan Stanley maintains a "in line with large banks" rating for Tesla, with a target price set at $415 [1]