Tesla seems expensive at these prices even when valuing it like a high-growth tech stock

Tesla’s valuation has soared well past other automakers, even those which produce millions more cars each year, causing Morgan Stanley to take a look at whether Elon Musk’s company is more accurately valued as a technology stock instead.

“It appears Tesla, in the market’s view, has gone far past the point of comparison vs. traditional auto companies,” Morgan Stanley analyst Adam Jonas said in a note to investors on Thursday. “We think this is largely deserved – Tesla is a significantly faster growing auto company… and it is also more than an auto company.”

But, although Jonas thinks “Tesla can appear more reasonably valued” versus some technology companies, ov