Oppenheimer Maintains Perform Rating on Tesla
Oppenheimer analyst Colin Rusch reiterated on October 23, 2025, a ‘Perform’ rating on Tesla.
“As TSLA continues its pivot into Physical AI, it remains clear that the company is tackling numerous complex technical challenges, but time to material revenue remaining highly uncertain.
We highlight humanoid hand dexterity as an example of unsolved challenges.
While prototypes may be ready next year, we anticipate meaningful volume remains at least a couple of years away given the scope and scale of component design, vertical integration, and remaining product engineering.
From a corporate governance perspective, we would expect the aggressive campaign from management and the board for Mr.
Musk’s pay package to be successful, but note public debate on the matter points to an increasing risk of the measure failing.
Last, we see increased R&D spend and tax rate limiting bottom-line results.”
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