Needham Keeps ‘Hold’ Rating on Tesla

Needham analyst Chris Pierce reiterated on October 23, 2025, an ‘Hold’ rating on Tesla.

“We reiterate our Hold rating following 3Q results and commentary.

TSLA continues to demonstrate operational discipline and long-term leadership across electrification and energy storage, but we see the stock as fairly valued against our already aggressive longer term FSD and Robotics estimates.

TSLA’s decision to scale vehicle production speaks to a higher level of confidence in their FSD platform, but we’ve yet to see distinct real world proofpoints with TSLA’s Robotaxi platform still relying on a safety driver vs peers moving forward with growth in driverless geographies and miles, and we see a high bar for the upcoming Optimus version 3 unveil.

At current prices, we see enthusiasm as more priced in than not.”

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