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Morgan Stanley lowered its stock price target for Telsa Inc. to $283 from $291 on Tuesday and said 2019 will help provide an answer to the question of whether the company can fund its growth plans without needing external capital. "Expectations appear reasonably managed, but the stock remains fully valued," analysts led by Adam Jonas wrote in a note, as they reiterated their equal weight rating on the stock. Morgan Stanley is cutting its 2019 full-year unit volume forecast by 8% to 380,000, assuming 296,000 Model 3 units. It cut its Model S volume forecast by 19% and its Model X volume forecast by 11%, to allow for pull-forward and obstacles to deliveries in some overseas markets. Jonas cut his full-year revenue forecast to $29 billion from a prior $30 billion. "Driven by the cuts to our volume guidance, our delivery forecast sits in the middle of the company's 360k to 400k unit range," Jonas wrote in a note. He raised his GAAP operating margin forecast--or margin based on Generally Accepted Accounting Principles, the industry standard--to 3.4% from 2.0% thanks to higher cost controls and restructuring actions that have cut headcount significantly. Jonas expects the electric car maker to post a slight GAAP loss in the first quarter, followed by a small GAAP profit in Q2 and Q3 and a small loss in Q4. Morgan Stanley is now expecting Tesla to tap the equity market for a $2.5 billion capital raise in the third quarter. Tesla shares were up 1.4% in early trade, but have fallen about 5% in the last 12 months, while the S&P 500 has gained 3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.