Wolfe Research Keeps Tesla’s ‘Peerperform’ Rating

Wolfe Research analyst Emmanuel Rosner reiterated a Peerperform rating on Tesla.

“TSLA shares are down 21% YTD, below the broader S&P up 8% and RIVN down 2%, with Ford up 9% and GM down 2%.

Near-term, Street estimates still appear high, especially for 2025 and 2026.

And FCF is likely to remain under pressure, with strong growth in the company’s burgeoning Energy business a key swing factor.

That said, this name trades more around the narrative than the numbers. And net-net, we tactically see an improving narrative from here.

Tesla has several catalysts coming w/r/t FSD and robotaxi, including an expansion of their AV service into several new US markets (San Francisco, Nevada, Arizona, Florida, etc).

The company plans to unlock hands-free / eyes-off autonomy for FSD owners in select US locations by YE25.

Supervised FSD in China and Europe is expected to launch over the next ~12 months. And Optimus is expected to enter scale production in 2026.”

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