Tesla Inc. shares TSLA, +4.42% were upgraded to equal weight from underperform by Morgan Stanley on Thursday, with analysts led by Adam Jonas saying their long-term model remains intact as the coronavirus that causes COVID-19 forces production cuts. Jonas updated fiscal 2020 delivery forecasts to include one month of lost production at the electric car maker's Fremont plant in California, lowering it to 420,000 from a previous 450,000. "We believe Tesla has sufficient liquidity and access to capital during this time," the analyst wrote in a note to clients. The stock is now trading below Morgan Stanley's $460 price target, which it cut from $480 previously. Jonas had downgraded Tesla stock in January at a time when the price was close to $1,000 and sentiment was buoyant. The virus has had the effect of bringing that to a more realistic level that reflects the company's value, he wrote. Tesla shares were up 0.5% Thursday, and have gained about 36% in the last 12 months, while the S&P 500 SPX, -1.11% has fallen 15%.