Morgan Stanley analyst Adam Jonas cut his price target on Tesla Inc. shares TSLA, +4.42% to $480 from $500 Thursday while also trimming his forecast for 2020 deliveries. "While acknowledging the situation remains fluid, we are marking to market our forecasts for Tesla in the midst of the COVID-19 pandemic, mainly to adjust for lower expectations of growth outside of China," he wrote, referring to the disease brought on by the novel coronavirus. He said that while Tesla is in "pole position" in the electric-vehicle market, the company's products are still discretionary and expensive. "We believe it is reasonable to assume that sentiment and financial strength will likely in some way be impacted by the sharp correction in global markets as well as the concerns around public safety and interruption in personal mobility," Jonas said. He dropped his fiscal 2020 delivery estimate to 452,000 units from about 500,000 previously. The stock is down 10% in premarket trading Thursday. It's still up 52% on the year, as the S&P 500 SPX, -1.11% has lost 15%.