Mizuho Trims Tesla’s Price Target to $475

Mizuho analyst Vijay Rakesh lowered on November 25, 2025, the price target on Tesla to $475 (from $485) while maintaining an ‘Outperform’ rating.

“We are Lowering TSLA Ests/PT to $475 with Potential BEV headwinds in 2026E.

We believe into 2026E, US (~37% of TSLA 3Q25 sales) EV subsidy cuts and China (34% of TSLA 3Q25 sales) potential 50% EV subsidy cuts could be a headwind to EV deliveries.

We are now estimating TSLA deliveries for 2026/27E at 1.75M/2.00M (slightly below cons. 1.82M/2.15M).

We see some LT drivers with FSD v14 adoption for autonomous, robotaxi launches, and humanoid robots into 2027 driving strength.”

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