Shares of Tesla Inc. are down 2.9% after Morgan Stanley analyst Adam Jonas lowered his price target to $291 from $376. Tesla shares recently traded at $284. Jonas said in a note to clients that he and his team were "making significant cuts to our near-term and long term auto margin forecasts." He kept his volume forecasts mostly unchanged, but wrote that "it is our view that the challenges in ramping up Model 3 production reflect fundamental issues of vehicle design, manufacturing process, and automation levels that can weigh against the profitability of the vehicle." Jonas added that foreign-exchange and raw material trends present further headwinds. He rates the stock at equal weight. Tesla shares are down 9.7% over the past 12 months, while the S&P 500 has gained 13%.