Oppenheimer Reaffirms ‘Perform’ Rating on Tesla

Oppenheimer analyst Colin Rusch reiterated on July 2, 2025, a ‘Perform’ rating on Tesla, following the company’s report of its Q2 delivery figures.

“TSLA announced in-line deliveries for 2Q25 and Model 3/Y outperformed expectations.

We note deliveries from US factories likely totaled ~165K for the quarter, suggesting relatively strong sell-through supported by the refreshed Model Y.

We believe investors will quickly shift focus to progress on FSD performance and the company’s ability to maintain both margin and FCF.

We anticipate higher Model 3/Y sell-through will support margins helping offset disappointing Model S/X/Cybertruck sales.

We expect bulls to point to improving China sales as a leading indicator of progress on global demand increases as the company pivots toward Physical AI applications while bears will continue to point to relative market share losses, question TSLA’s technology leadership, and leadership changes as indicative of looming headwinds.

We expect shares to rally and hold gains into 2Q25 results later this month.”