RBC Capital Raises Tesla Price Target to $319

RBC Capital analyst Tom Narayan raised the price target on Tesla (NASDAQ: TSLA) to $319 (from $307) while maintaining an Outperform rating.

“Tesla reported 384K in Q2/25 deliveries, inline with company polled consensus. It also did 9.6GWh of energy storage sales in the quarter, which did come in slightly below recent quarterly levels.

We forecast Auto Gross Margins ex-credits of 13.7%, slightly above consensus of 13.4%. These would be higher q/q vs Q1’s 12.5% level.

Recall, Q1 was impacted by intentional shutdowns for the refresh of the Model Y.

For 2025, we forecast Auto GM ex-credit of 13.6%, below consensus’ 13.9%.

For full year 2025, we forecast deliveries down 7%, which comes in slightly better than consensus down 8%.

We think new affordable models coming in Q3, should help stem losses (H1/25 deliveries were down 13% y/y).”

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