Oppenheimer Maintains Tesla’s ‘Perform’ Rating After Q3 Deliveries

Oppenheimer analyst Colin Rusch reiterated on October 2, 2025, a ‘Perform’ rating on Tesla.

“Tesla posted upside to 3Q25 deliveries as the expiration of the US federal EV tax credit drove strong demand.

We note stationary storage sales strong at 12.5Gwh vs. our expectation of 12.3GWh as tightness in the power market continues to drive equipment sales.

We believe upside to 3Q estimates was widely expected given the changes in US federal policy, and investors will be looking for color on 4Q25 sell-through on vehicles, progress on autonomous driving functionality including expected monetization, as well as timing on ramp of shipments of humanoid robots.

We would expect shares to be flat to down on the news, given high expectations for 3Q25 and the shares’ recent rally.”