RBC Capital Increases Tesla’s Price Target to $500

RBC Capital analyst Tom Narayan raised the price target on Tesla to $500 (from $325) while maintaining an ‘Outperform’ rating on the stock.

“Autobots Rollout! Integrating Humanoids into Our Valuation Post-Berlin Gigatour

We hosted investors at Tesla’s Giga Berlin facility, where a key discussion point was on TSLA’s Optimus humanoid robot.

We estimate TSLA could capture 5% of our projected ~$9T humanoid robot market by 2050.

Incorporating this into our analysis, we raise our PT to $500 on humanoid math.

We estimate Tesla’s market penetration of the humanoid opportunity at 15% in the US, 8% in the EU, and 4% in China.

Applying these assumptions, Tesla could generate $404B in humanoid-related revenue by 2050.

Using a 10.0x revenue multiple and discounting back 24 years, we calculate a $638B valuation contribution from the humanoid segment, equating to $182 of our $500 price target.

TSLA’s humanoid robot segment accounts for 36% of its total valuation, Robotaxi contributes another 37%, followed by FSD at 11%, Cars at 8%, and Megapacks at 8%.”

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.