Core Viewpoint - Morgan Stanley maintains an "Overweight" rating on Tesla (TSLA.US) with a target price of $410, highlighting the increasing integration of Tesla with other Musk-owned companies like SpaceX and Neuralink, which will expand Tesla's applications in AI and robotics [1] Financial Performance - Tesla's EPS is projected to grow from $2.41 in 2024 to $4.34 in 2027, reflecting a CAGR of 21.3%. The ModelWare model offers a more conservative 2025 EPS estimate of $0.90, indicating a divergence in valuation between traditional manufacturing and AI-enabled growth [1] - The valuation of Tesla is composed of five parts, with the core automotive business valued at $76 per share, network services at $159, mobility services at $90, energy business at $68, and third-party supplier business at $17 [2] Technological Innovations - Tesla is expected to deploy 2,000 robot taxis across 5-10 cities in the U.S. by the end of 2026, which is 18 months ahead of market expectations. The physical and cognitive capabilities of the humanoid robot (Optimus) are anticipated to see exponential improvements [3] - The shortage of eVTOLs in the U.S. is projected to drive the number of aerial robots to be ten times that of ground robots, creating a market worth $5 trillion, where Tesla is expected to leverage its technological advantages [3] Ecosystem Integration - The collaboration between Tesla, xAI data center, Starlink, and Neuralink is deepening, forming a synergistic ecosystem referred to as "Muskonomy." The strategic balance in U.S.-China relations in the AI and robotics sector is evolving, with China expected to expand its manufacturing advantages in the next 3-5 years [4] Risk Matrix - Upside risks include growth in service revenue, increased FSD adoption rates, breakthroughs in new battery technology, and the launch of new models like Cybertruck. Downside risks focus on execution challenges, market acceptance of Dojo computing services, geopolitical risks in China, and equity dilution pressures [5] - Historical data shows a significant increase in target price from $90.67 to $410 from 2020 to 2025, reflecting analysts' confidence in Tesla's technological roadmap [5]