Piper Sandler Reaffirms Tesla’s $500 Price Target

Piper Sandler analyst Alexander Potter reiterated on October 23, 2025, Tesla’s ‘Overweight’ rating and $500 price target.

“We remain firmly Overweight, following Q3 results.

TSLA is trading -3.7% after-hours, presumably because investors had expected jaw-dropping financials.

Both deliveries and free cash flow were all-time records, but admittedly, this backdrop didn’t translate into as much upside as we had expected.

Headwinds included tariffs, mix, restructuring, and a higher tax rate.

In the context of Tesla’s broader ambitions, these topics seem positively mundane; we aren’t inclined to dwell on them.

On the plus side, Tesla gave more detail than we expected re: the robo-taxi roll-out, as well as on AI5 chip design and timelines for Optimus/Cybercab.

Real-world A.I. remains Tesla’s ace in the hole, with the potential to unlock incalculably large markets (in Elon’s words, the “infinite money glitch”).”

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