William Blair Keeps a ‘Market Perform’ Rating on Tesla

William Blair analyst Jed Dorsheimer reiterated on August 19, 2025, a ‘Market Perform’ rating on Tesla.

“Our Call. Last week we were in Austin demoing Tesla’s robotaxi service, prior to its public launch in September.

Our main takeaway was that we experienced a glimpse of the future, and it is exciting.

The comparisons are immediate and stark—multiple times we drove past Waymo and Zoox vehicles outfitted with their complex sensor suite that stick out like a sore thumb.

In contrast, the robotaxis blended in with all the other Teslas on the road; we felt inconspicuous flowing with the traffic.

Confirming our thesis, robotaxi was half the price of Uber (UBER $93.98; Outperform), demonstrating its ability to win market share by weaponizing price.

Despite our enthusiasm for robotaxi, we acknowledge there is a period of margin headwinds that investors must endure from pending regulatory cuts as part of the OBBB, and thus, we maintain our Market Perform rating.”

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