RBC Capital Lowers Tesla Price Target to $314

RBC Capital analyst Tom Narayan lowered the price target on Tesla (NASDAQ: TSLA) to $314 (from $320) while maintaining an Outperform rating.

“Our lower volumes cause our PT to come down to $314 from $320 as both Cars and FSD valuations are impacted by car volumes.

Given Cars is only 11% of our valuation, tariff impacts would not be as magnified as they would be for other carmakers.

Robotaxi and FSD account for 77% of our valuation for Tesla and we don’t see tariffs impacting those businesses.

Tariff implications. Tesla’s domestic sales are produced in the US, so there would be no direct manufacturing tariff impact.

That said, non-US content is substantial. We would expect the company to price tariff impacts to consumers and, as a result, we expect volumes would come down further in a permanent tariff scenario.”

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