This Tesla bull, while increasingly skeptical, is now on board due to a Tesla Model 3 Performance test drive.

We've talked much about Morgan Stanley analyst Adam Jonas in the past. However, lately, he's been more and more skeptical about Tesla. Though he's still known as a bull, it's been hard to gather exactly how he feels about the Silicon Valley automaker. However, most often, he's been relaying his increasing doubts.

Yes, Jonas had become a bit more of a Tesla skeptic recently, but then he drove a Model 3 Performance and it seemed to be a turning point for him. According to Teslarati, he said that the M3P shows "positive momentum for electric cars as a whole." He shared:

Frankly, our enjoyment of the high-spec version of the Model 3 took us by surprise. It’s hard to say how much this matters. But it matters.

Jonas believes that Tesla is working as hard as it possibly can to crank out these cars and the situation is improving exponentially. He also says that in terms of value-per-dollar, the Model 3 Performance is the best car in the automaker's current lineup.

Although Morgan Stanley has remained positive about Tesla stock, Jonas pulled price targets down significantly in May, from $376 to $291. He also dropped his long-term operating profit margin forecast by nearly five percent. Jonas has made it clear as of late that he is now more conservative when it comes to Tesla stock, mostly due to Model 3 production bottlenecks. He said (via Teslarati):

The challenges in ramping up Model 3 production reflect fundamental issues of vehicle design, manufacturing process, and automation levels that can weigh against the profitability of the vehicle.

In addition, Jonas said that Tesla would probably need to raise money once again.

Now, after all the recent success with Model 3 production and deliveries, in addition to Jonas' impressive test drive and positive note to investors, perhaps he'll become much more bullish once again.

Source: Teslarati

TESLA MODEL 3 PERFORMANCE