Truist Securities Reiterates $406 Price Target on Tesla

Truist Securities analyst William Stein reiterated on November 11, 2025, a ‘Hold’ rating and $406 price target on Tesla.

“Musk’s equity award approval removes overhang, but physical AI products are still a long way off; The set-up is still tricky.

Shareholders recently approved Musk’s pay package, removing a big overhang – that Musk could leave TSLA to develop Physical AI products elsewhere (naturally, at xAI).

We continue to see the vast majority of TSLA’s future (and even current) value in the development of physical AI tech (FSD, then robotaxis, then Optimus).

Yet, all of these projects are quite unproven (close to zero revenue) and our evaluation of the nearest term project, FSD, shows it is impressive, but not yet working as expected.

DCF PT remains $406; Hold.”

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