UBS Reaffirms $247 Price Target on Tesla

UBS analyst Joseph Spak reiterated on October 23, 2025, a price target on Tesla of $247, while maintaining a ‘Sell’ rating on the stock.

“TSLA missed 3Q25 EPS ($0.50 vs. consensus at $0.59) in part due to tax (~$0.05) so EBIT miss was lower.

FCF was strong at $4bn, but aided by WC from selling out of “inventory” (deliveries > production).

We got very little else in terms of near-term outlook (see full quarter and outlook review inside).

This was likely purposeful.

In our view, TSLA is navigating the transition from EV maker to AI company.

But for the near term, the numbers are the auto/energy business.

Thus, we expect Musk and TSLA to continue to talk up the future opportunities (particularly leading up the November 6th shareholder meeting).

We do expect progress updates over the coming year and through a valuation exclusive lens (i.e. does it feed the narrative) these are likely to be more positive than not.

However, we believe the current market cap already gives ~ $900bn of value to the AI ventures.”

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