UBS Reiterates $247 Price Target on Tesla

UBS analyst Joseph Spak reiterated on December 23, 2025, a ‘Sell’ rating and $247 price target on Tesla.

“We lower our 4Q25 forecast to 415k from 429k.

Our new forecast is -5% below Visible Alpha consensus of 435k (we don’t yet have company collected consensus, we expect to get this week).

However, we believe our forecast is more inline with buyside expectations for a 405-415k range.

Historically, despite print that may be inline with buyside expectations, we tend to find the stock does react to beat/ misses vs. the headline number (see Figure 1).

The question increasingly becomes: does the market no longer care about deliveries and only robo-taxi and Optimus developments?

We expect TSLA to report 4Q25 deliveries on 1/2.”

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