Stifel Reaffirms ‘Buy’ Rating on Tesla Amid Q2 Financial Report

Stifel analyst Stephen Gengaro reiterated on July 24, 2025, a ‘Buy’ rating and $450 price target on Tesla.

“2Q25 results and commentary are likely neutral for TSLA.

Positives include

1. successful launch and expansion of its robotaxis in Austin with potential autonomous ride hailing addressing half of the U.S. population by year-end;
2. start of production for lower-priced vehicle expected to ramp in 2H25, though slower-than-originally-anticipated;
3. profitability aided by lower cost per vehicle, partially offset by fixed-cost absorption and tariffs; and
4. confidence in Unsupervised FSD for personal use in certain geographies by year-end 2025.

Negatives include

1. negative sentiment on demand amid weak deliveries;
2. tariff impact expected in Automotive and Energy businesses;
3. reduced focus on ramp of new models in 2025; and
4. focus on deli vering as many vehicles as possible before the $7,500 credit expires.

We reiterate our belief that TSLA remains very well positioned, and FSD and Robotaxi will be critical value drivers.

Our target price is $450.”

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