HSBC Tesla · TSLA

HSBC Reaffirms Reduce on Tesla, $120 Price Target

Analyst: Michael Tyndall 1 min read Reproduced verbatim
Rating
Reduce
Unchanged
Target
$120
Outcome
Missed
within 12 months
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What the analyst said

HSBC analyst Michael Tyndall reiterated a Reduce rating and $120 price target on Tesla (NASDAQ: TSLA).

“Based on retail figures for the major markets we track (that accounted for 77% of TSLA deliveries historically), Q2 volumes were trending at +2% QoQ.

That they were up 14% QoQ and broadly in line with consensus suggests June was exceptionally strong. It accounted for 47% of Q2 deliveries vs 41-44% historically.

It is difficult to explain this sales bump. Importantly for us – is that run-rate sustainable?

Q3 may see some short-term pulled forward demand (ahead of the new tax bill) but we don’t expect the 170-180k June run-rate to be the new normal.

With H1 sales still down 13% YoY on an already weak base, we continue to have a cautious view on TSLA’s volume development especially with a static model portfolio, increasing competition and absence of the promised “more affordable” model.”

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This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

Where the price stands

TSLA trades at $358. The 17 analysts who set a target in the last 3 months range from $24.86 to $500, with a median of $442. This $120 target is 73% below the median.

Since the note TSLA has moved +13% (from $316). The 12-month window closed on July 3, 2026.

Track record

This call✗ Not reached within 12 months: a year after the note TSLA closed at $420, 250% above the $120 target, and it moved the other way.

Firm track recordHSBC: 60% of its 20 targets at least a year old were reached within 12 months (#25 of 26 firms); on Tesla, 0 of 4. Accuracy ranking →

HSBC on Tesla

HSBC price targets on Tesla

7 calls from April 24, 2025 to October 5, 2026. The target went from $120 to $157 (+31%). The rating stayed Sell.

HSBC targetTSLA share price
  1. October 5, 2026Target raised from $131 (+20%)Sell$157
  2. January 4, 2026Kept the $131 targetSell$131
  3. November 17, 2025Target raised from $127 (+3%)Sell$131
  4. September 29, 2025Target raised from $120 (+6%)Sell$127
  5. July 24, 2025Kept the $120 targetSell$120
  6. July 3, 2025 This noteKept the $120 targetSell$120
  7. April 24, 2025Earliest call shownSell$120
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Other analysts on Tesla

CantorBuy Kept rating and price target Oct 26 $485maintained BarclaysBuy Upgraded, raised price target +22% Oct 26 $450from $370 StoneXBuy Kept rating and price target Oct 22 $475maintained BNP ParibasHold Upgraded Oct 22 Morgan StanleyHold Raised price target +2%, kept rating Oct 22 $410from $400
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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.