TD Cowen Reiterates $509 Price Target on Tesla

TD Cowen analyst Itay Michaeli reiterated on October 23, 2025, a ‘Buy’ rating and $509 price target on Tesla.

“While there’s no shortage of NT industry challenges, we believe industry headwinds are widely recognized and mostly non-pivotal to the LT thesis.

Meanwhile, the list of potential game-changing level catalysts spanning AVs, EVs and robotics is too large to ignore.

With Tesla making impressive AV progress and certain aspects of the AV story still overlooked, in our view, we continue to like the risk/reward.

We see upcoming potential catalysts from:

1. Removal of Austin safety driver (would be a major milestone);
2. FSD feature expansion (Consumer AV oppty);
3. Cybercab launch;
4. Q1 Optimus unveil;
5. Product momentum.”

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