Morgan Stanley shook up their auto ratings today. They downgraded Tesla to Equal Weight, noting the valuation is high at 30x estimated 2030 earnings, though they actually raised the price target to $425. They also downgraded Rivian and Lucid to Underweight, predicting the EV market struggles will last through 2026. Conversely, they upgraded GM to Overweight with a $90 target. Netflix saw downgrades from Rosenblatt and Pivotal following the announcement about acquiring Warner Bros' studios and HBO. On the positive side, Truist upgraded Five Below after a strong Q3 report, and TD Cowen upgraded Ulta Beauty citing confidence in the new management team. HSBC also upgraded Visa to Buy based on valuation and financials. In the chip sector, Benchmark downgraded Marvell to Hold. They believe the company lost key Amazon chip designs to a competitor.