Barclays Raises Tesla’s Price Target to $360

Barclays analyst Dan Levy raised on January 23, 2026, the price target on Tesla to $360 (from $350) while maintaining an ‘Equalweight’ rating.

“Earlier today, Tesla began offering robotaxi rides without safety monitors to the public in Austin, marking the first time since robotaxi’s June’25 launch that riders can take “true” autonomous rides akin to Waymo, Zoox, etc.

Public monitor-less launch came roughly a month after Tesla started testing without safety drivers in mid-December.

While pulling the safety monitor is a notable accomplishment, we caution against over-optimism in Tesla’s robotaxi narrative, especially with questions on scaling still outstanding.

We see several key considerations on Austin robotaxi:

• Just “a few” unsupervised vehicles at rollout: Tesla will start with just “a few” unsupervised vehicles, with the remaining fleet continuing to use safety monitors. The mix of unsupervised vehicles will increase over time, presumably as Tesla’s internal safet y metrics are met.

• Austin scaling has been modest: 7 months after the robotaxi launch in Austin, Tesla has just ~30-50 total vehicles operating in the city, with just ~10 vehicles running concurrently, well under Elon’s October commentary for 500 Austin robotaxis ending ‘252. Robotaxi availability has been limited in Austin due to high demand and the small fleet size.
• Driver-out to unlock mass volumes? At our November conference Tesla noted that driver-out operations would be needed prior to scaling robotaxi given the labor costs of safety monitors.”

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