Tesla price targets rise after record Q2 delivery beat
Tesla received analyst price target upgrades after reporting a record Q2 delivery beat of roughly 480,000 vehicles, topping Wall Street consensus near 395,000 to 405,000. Jefferies lifted its Tesla target to $400 from $375, while Morgan Stanley, Barclays, and others also nudged targets higher ahead of July 22 earnings—though several firms kept Hold or Underweight ratings.
Key Takeaways
- Tesla reported about 480,000 Q2 deliveries, beating consensus by more than 15% and marking its strongest second quarter on record.
- Jefferies raised its price target to $400 from $375; Morgan Stanley moved to $417 and Barclays to $370, while Wells Fargo kept an Underweight view.
- UBS maintained a Neutral rating on Tesla, underscoring that Wall Street upgrades are modest rather than unanimous.
- Investors still weigh robotaxi, Optimus, and SpaceX merger speculation against near-term margin and capex pressure.
- Tesla reports Q2 earnings on July 22, with analysts expecting higher revenue and earnings per share year over year.
Why did Tesla get price target upgrades?
Wall Street moved after Tesla's automotive quarter landed far above expectations. Jefferies raised its price target on Tesla (NASDAQ: TSLA) to $400 from $375 while keeping a Hold rating, citing the delivery surge as a major driver, according to Teslarati.
On Tuesday, Morgan Stanley lifted its target to $417 from $415 and Barclays to $370 from $360, both with Equal Weight ratings, Stocktwits reported. Morgan Stanley called Q2 auto and energy deliveries a setup for a solid quarter, but said Robotaxi and Optimus remain the primary long-term stock drivers.
How strong were Tesla's Q2 deliveries?
Tesla reported about 480,000 vehicle deliveries for Q2, while Wall Street consensus sat between 395,000 and 405,000—a beat of more than 15%, Teslarati noted. Stocktwits put the official figure at 480,126 units, Tesla's strongest second quarter on record and its first year-over-year delivery growth in two years.
Energy storage deployments reached 13.5 GWh in the quarter. Teslarati added that Tesla sold well more than it produced during the three-month period, even after the loss of the $7,500 EV tax credit.
What are analysts still cautious about?
Not every note was bullish. Wells Fargo raised its target only to $130 from $125 and kept an Underweight rating, expecting in-line Q2 earnings per share despite the 18% delivery beat, citing pricing pressure and non-recurring items, Stocktwits reported. Jefferies also warned that growing Tesla-SpaceX merger talk could disconnect the stock from automotive fundamentals.
UBS maintained a Neutral rating on Tesla, according to Moomoo—a reminder that higher targets do not always mean outright buy calls. Jefferies and others cautioned that robotaxi expansion and Optimus may take years to deliver meaningful profits.
What's next for Tesla shareholders?
All eyes turn to Tesla's Q2 earnings report on July 22. Stocktwits cited Fiscal AI data showing analysts expect quarterly revenue of about $25.83 billion versus $22.5 billion a year earlier, with adjusted EPS near $0.51 against $0.40 in Q2 2025.
Retail traders on Stocktwits stayed in bullish territory, with message volume up more than 300% over 30 days, even as TSLA remains down about 12% year to date. For broader market context on how mega-cap swings affect personal portfolios, see our Net Worth & Wealth coverage.