Overview
- The bank moved Tesla to Equal Weight in new coverage led by Andrew Percoco, even as it raised the price target to $425 from $410.
- Tesla shares fell roughly 3% to 4% after the note, with the firm cautioning that trading could be choppy over the next 12 months.
- A refreshed sum‑of‑the‑parts leans toward software and robotics, valuing Network Services/FSD at about $145 per share, robotaxis at $125 and Optimus at $60, versus $55 for autos and $40 for energy.
- Auto assumptions were cut, including a projection of around 1.6 million deliveries in 2026 and lower long‑term volumes due to slower U.S. EV adoption and rising global competition.
- The call aligns with an 'EV winter' sector view tied to the loss of the $7,500 U.S. tax credit, and the report maps a wide risk range from a $145 bear case to an $860 bull case.