Stifel cuts Tesla (TSLA.O) PT to $491 from $508, maintains Buy rating.

MORGAN STANLEY upgraded South Korea equities to overweight from neutral, saying recent deleveraging improves entry points for AI and an industrial supercycle trade. Strategists led by Daniel K Blake estimate KOSPI has about 36% upside to their 9,000 target after large unwinds of crowded and leveraged positions. The index fell as much as 5.5% on Monday following a record 18% jump on Friday. Morgan Stanley describes the recent sell-off as mainly technical and says deleveraging of leveraged ETFs, hedge-fund leverage and retail margin trading is more than half complete. It sees KOSPI trading in a 5,500–10,500 range near term, and expects Samsung Electronics and SK Hynix to provide valuation support; industrials, defense and financials are likely beneficiaries.

PBOC conducted CNY300 billion overnight reverse repo operation.