Mizuho Raises Tesla’s Price Target to $485

Mizuho analyst Vijay Rakesh raised on October 23, 2025, Tesla’s price target to $485 (from $450), while reiterating an ‘Outperform’ rating on the stock. 

“TSLA reported in-line 3Q25E Rev/EPS of $28.1B/$0.50 (vs. cons. $26.4B/$0.54).

Main takeaways:

1. Auto GM ex-credits at 15.4% (up 40bps q/q) below cons 17.1%, with $0.4B tariff impact, higher avg cost/vehicle, but we see 2026E better with stronger FSD traction and deliveries,
2. TSLA focusing on AI5/HW5 with ~40x gains gen/gen, 8x compute and 9x DRAM to 144GB, while ramping Robotaxis/FSD into 2026E-27E, with v14 launched improving safety and Robotaxi learnings,
3. Optimus v3 pilots and Cybercab expected 1Q/2Q’26E, though we see ramps farther into 2027E,
4. lithium refinery (TX) and LFP lines (NV) exp. to begin production in 4Q’25E and 1Q’26E, respectively, and
5. low-cost models launch and FSD1 release in Australia and NZ, with China and Europe FSD premier pending approval.

Maintain Outperform, raise PT to $485, adjust estimates, as we see TSLA well-positioned leading physical AI with Cybercab/FSD traction, humanoid longer term, offset by near-term demand headwinds.”

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.