Deutsche Bank Tesla · TSLA

Deutsche Bank Affirms Buy on Tesla, $370 Price Target

January 3, 2025 Analyst: Edison Yu 1 min read Reproduced verbatim
Rating
Buy
Unchanged
Target
$370
Upside
+2%
TSLA at $362 today
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What the analyst said

Deutsche Bank analyst Edison Yu reiterated a Buy rating and $370 price target on Tesla (NASDAQ: TSLA).

“Tesla announced this morning that it delivered 496k and produced 459k vehicles in Q4, slightly below our latest tracker of ~500k units, and below consensus expectations of 507k units.

Geographically, Europe appears to be weaker than we expected with upside in China and N. America roughly in line. By model, 472k units of Model 3+Y were delivered, vs. our 475k expectation.

S+X+CT came in at 23.6k vs. our 25k. For the full year in 2024, the company delivered 1.79m vehicles, representing a -1.1% YoY decline, vs. its previous commentary targeting growth.

On the other hand, Tesla deployed 11Gwh of energy storage, above our estimate calling for 9.5 Gwh.

From a gross margin perspective, we now see some downside to auto gross margin given the volume shortfall while overall gross margin could be somewhat cushioned by the higher energy storage contribution which naturally carries much higher margin.

Looking at 2025, our initial high level view is that delivery volume will take priority over auto gross margin, This means in order to achieve 20-30% volume growth, we could see incentives increase (e.g., financing, free charging, free FSD, etc…) and pricing on new models come in more aggressive (especially if tax credits go away in the US).”

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Where the price stands

TSLA trades at $362. The 19 analysts who set a target in the last 3 months range from $24.86 to $500, with a median of $450. This $370 target is 18% below the median.

Since the note TSLA has moved −4% (from $379). The 12-month window closed on January 3, 2026.

Track record

Firm track recordDeutsche Bank: 100% of its 3 targets at least a year old were reached within 12 months; on Tesla, 2 of 2. Accuracy ranking →

Deutsche Bank on Tesla

Deutsche Bank price targets on Tesla

7 calls from June 30, 2025 to July 27, 2026. The target went from $345 to $420 (+22%). The rating stayed Buy.

Deutsche Bank targetTSLA share price
  1. July 27, 2026Target cut from $500 (−16%)Buy$420
  2. December 19, 2025Target raised from $470 (+6%)Buy$500
  3. November 3, 2025Target raised from $440 (+7%)Buy$470
  4. October 23, 2025Target raised from $435 (+1%)Buy$440
  5. September 26, 2025Target raised from $345 (+26%)Buy$435
  6. July 2, 2025Kept the $345 targetBuy$345
  7. June 30, 2025Earliest call shownBuy$345
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Other analysts on Tesla

JP MorganHold Kept rating and price target · Oct 16 $415maintained Yorkville IvesBuy Kept rating and price target · Oct 12 $500maintained Yorkville IvesBuy Initiated coverage · Oct 7 $500 UBSHold Raised price target +2%, kept rating · Oct 7 $391from $385 Goldman SachsHold Kept rating and price target · Oct 6 $360maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.