Benchmark Keeps Tesla’s ‘Buy’ Rating After Q2 Results

Benchmark analyst Mickey Legg maintained on July 24. 2025, a ‘Buy’ rating on Tesla, with a $475 price target.

“TSLA reported 2Q25 revenue of $22.5 billion vs our estimate of $22.6 billion and consensus of $22.1 billion.

Gross margin came in at 17%, compared to our estimate of 16% and consensus of 16%. GAAP diluted EPS was $0.33, in-line with our estimate and above consensus of $0.30.

We believe the results are reflective of near-term tariff effects (~$300 million), a promotional pricing environment, and elevated warranty expenses.

In our opinion, TSLA demonstrated continued execution in its core strategic pillars of autonomy, AI, and energy, despite these headwinds.

In our opinion investors should look beyond the short-term road bumps and focus on the breadth of upcoming opportunities with new more affordable models scheduled for H2, meaningful robota xi revenues in 2H26, and at-scale Optimus production, long-term.

Reiterate Buy & $475 Price Target.”

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