Benchmark Reiterates Tesla’s ‘Buy’ Rating Ahead of Q3 Deliveries

Benchmark analyst Mickey Legg maintained on September 29, 2025, a ‘Buy’ rating on Tesla, with a $475 price target.

“Tesla is expected to report 3Q25 global production and deliveries on Thursday.

We model 442,000 deliveries versus ~448,000 for FactSet consensus with some high-side calls in the mid-460,000s.

A solid sequential uptick off 2Q25’s ~384,000, a measured setup into year-end given a choppy incentive/pricing backdrop.

With the stock up sharply into the print (roughly ~28–32% in September), its positioning raises the bar for an upside surprise to translate into further near-term strength; we also see risk of volatility if regional mix or ASPs underwhelm.

We continue to anticipate policy-driven choppiness after 3Q as certain EV incentives/credits tighten or roll off in select markets, potentially creating 4Q demand air pockets and order-book lumpiness.

In our view this is transitory, not thesis-breaking; we maintain our Buy rating and $475 price target.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.