Goldman Sachs Maintains Neutral on Tesla, $345 Price Target

Goldman Sachs analyst Mark Delaney reiterated a Neutral rating and $345 price target on Tesla (NASDAQ: TSLA).

“We update our views on FSD, add 2027 estimates into our model, and break out the robotaxi business in our revenue build.

For FSD, we believe that performance has meaningfully improved with V13 based on our own recent demo ride, crowdsourced data, and third party reviews.

This reinforces our view that Tesla is one the leaders in autonomous technology.

Importantly, we still believe there is significant progress needed for FSD to become a situationally eyes off product (e.g. on a highway in good weather, or L3 autonomy) or allow for eyes off driving in a wide domain.

Secondly, we assume that Tesla’s robotaxi business will begin commercial operations in 2H26 and reach ~$115 mn of revenue in 2027 (and be relatively neutral to consolidated EPS).

We expect Tesla to use remote assistance and geofencing to launch this service, directionally similar to the approaches used by robotaxis on the road currently from competitors.

We believe that the use of remote assistance and a narrow geographic environment could help to improve technical performance compared to Tesla’s FSD software on consumer vehicles, although limit the rate of scaling for at least the next few years.”

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