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

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格隆汇1月29日｜摩根士丹利研究报告指，特斯拉未来重点在于转型至实体人工智能领域，而转型的核心是资本密集度提升，因为公司正大举建设其物理基建及算力。该行预期营运开支将持续高企，料2026年占销售额14.5%(2025年13%)；资本开支亦将增加，料今年达210亿美元，高于公司指引的逾200亿美元。该行将特斯拉目标价由425美元下调至415美元，反映2026及27年经调整EBITDA预测分别下调5%...

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