Interesting shift happening at Morgan Stanley today. Andrew Percoco just stepped in to cover TSLA, taking over from Adam Jonas who's moved to another position internally.

The move comes with a notable rating adjustment - they're pulling back from Overweight to Equal Weight. Not exactly bearish, but definitely a more cautious stance than before.

What's curious though? Despite the downgrade, they're actually bumping the price target up to $425. That's a $15 increase from the previous $410 mark.

Seems like they still see upside potential, just not as aggressive as their earlier positioning suggested. Classic Wall Street move - downgrade the rating but raise the number. Makes you wonder what changed in their risk assessment versus their price modeling.