Canaccord Trims Tesla’s Price Target to $482

Canaccord Genuity analyst George Gianarikas lowered on October 23, 2025, Tesla’s price target from $490 to $482, while maintaining a ‘Buy’ rating on the stock.

“All-in-all, the results and call had the net effect of increasing our conviction around the creation of a sturdy bridge between Tesla’s past and Tesla’s future.

One where, potentially, Tesla does not have to dive into a growth time-out.

We may, however, be more cautious than most as to how quickly the promises of tomorrow will be made manifest.

With recent momentum in near-term growth, potential for more new EVs, a continued expansion of the robotaxi ODD and the possibility of long term, transformative developments in humanoid robotics.

We are reiterating our BUY rating but lower our price target to $482 from $490, mostly based on higher opex assumptions that impact our EPS.

With the other Mag 7 stocks trading at ~21x 2028E EPS, we apply a ~42x multiple to our $11.46 in 2028E non-GAAP EPS (from $11.65) to achieve a price target of $482.

We see this 2x multiple as reasonable given the long tailed generational growth opportunities ahead for Tesla, including robotics, autonomy, energy storage, and “sustainable abundance”.

Admittedly, with this multiple and the operational improvement implied in our 2028 estimates, the margin for error is slim.”

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