Benchmark Reaffirms Buy on Tesla, $475 Price Target

Benchmark analyst Mickey Legg reiterated a Buy rating and $475 price target on Tesla (NASDAQ: TSLA).

“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.”

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