Stifel Reiterates $483 Price Target on Tesla

Stifel analyst Stephen Gengaro reiterated on October 23, 2025, Tesla’s $483 price target, while maintaining a ‘Buy’ rating on the stock.

“We believe 3Q25 results and commentary are likely about neutral for TSLA shares.

Key takeaways

1. Revenue, gross profit, and EBITDA exceeded projections, EPS missed;
2. While prior year-end targets are unlikely, Robotaxis appear to have solid momentum. Management highlighted continued expansion of Robotaxis in Austin and target expansion to 8-10 metro areas by year-end 2025;
3. Improvements in AI capabilities further supporting FSD version 14.1 and future versions;
4. Automotive margins excluding credits beat expectations and rose sequentially, aided by lower material costs and improved fixed-cost absorption from higher volumes;
5. Expectations to show prototypes of Optimus 3 in 1Q26;
6. FSD customer base remains small at ~12% of fleet; and
7. Elevated tariff impact in Automotive and Energy businesses of +$400 million.

We reiterate our belief that TSLA remains very well positioned, and FSD and Robotaxi will be critical value drivers.

Reiterate Buy with $483 target price.”

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