Oppenheimer Keeps ‘Perform’ Rating on Tesla
Oppenheimer analyst Colin Rusch reiterated on July 24, 2025, a ‘Perform’ rating on Tesla.
“TSLA delivered better than expected Auto GM but largely in-line top-/bottom-line results.
Management focused on an autonomous/AI future while avoiding questions on a potential xAI investment and indicating a new Master Plan is being written.
Timing on humanoid production ramp remains fluid as Optimus 3.0 design is finalized.
Autonomy datapoints suggest performance improvement and parameter expansion, but that regulatory hurdles remain across multiple geographies.
We believe the company is navigating an evolving policy environment effectively and view its delayed ramp of a lower cost after US EV tax credits expire as prudent to maximize volumes.
We are increasing GM estimates, largely for energy storage, as well as OpEx estimates.
We remain on the sidelines look ing for increased visibility to tangible AI leadership and monetization.”
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