Goldman Sachs Maintains Neutral on Tesla, $235 Price Target

Goldman Sachs analyst Mark Delaney reiterated a Neutral rating and $235 price target on Tesla (NASDAQ: TSLA).

“This was a mixed report in our opinion.

While Tesla reported weaker 1Q25 non-GAAP EPS ($0.27 vs. the Street at $0.41 per FactSet) and declined to provide formal guidance in light of tariff uncertainty, we also believe there were some positives relative to key investor debates (e.g. the 1Q automotive non-GAAP gross margin ex. regulatory credits was above consensus, and Tesla is still expecting to start its robotaxi operation in June albeit in small scale).

We still see downside risk to consensus estimates over the intermediate term given tariff costs and end demand considerations, and we lower our estimates to reflect reduced vehicle volumes (due to company comments implying new models planned to launch later this year may be less unique than we’d expected) and higher opex.

We maintain our Neutral rating on the stock.

We believe downside risk to consensus estimates over the near to medium term is offset by what we think will be improved longer-term profits driven in part by increased software revenue with FSD (although we have a more balanced view of Tesla’s monetization potential from FSD than the company is targeting).”

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