TD Cowen Reaffirms ‘Buy’ Rating on Tesla

TD Cowen analyst Itay Michaeli reiterated on September 12, 2025, a ‘Buy’ rating and $374 price target on Tesla.

“Tesla hosted a sell-side call with the Special Committee of the Board to discuss the recent CEO compensation proposal outlined in the proxy.

We walked away with a clearer understanding of the proposals.

We view Tesla’s Product milestones to be well-aligned with our Tesla thesis, leaving us more confident about the company’s LT trajectory.

The four Product Goals outlined in the proxy provide a good read on Tesla’s LT strategic priorities.

By our estimation, the initial achievement of the four product goals would seem to align with the first two EBITDA milestones of $50/$80bln (our 2030E EBITDA = $53bln).

Thus, our working assumption is that these product goals are possibly contemplated for achievement around ~2030 (give/take) within the 10yr plan, with remaining EBITDA milestones (up to $400bln) reflecting scalability ambitions.”

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