Mizuho Lowers Tesla’s Price Target to $480
Mizuho analyst Vijay Rakesh lowered the price target on Tesla (NASDAQ: TSLA) to $480.00 (from $540.00) while maintaining a Outperform rating.
“TSLA reported Rev/EPS of $22.4B/$0.41 (above cons. $22.1B/$0.35).
Main takeaways: 1) Slowing EV Demand growth in 2026E (we est EV LVP up ~4% y/y) after 2025 up ~30% y/y, 2) Auto GM ex-credits at 19.2% (up 120bps q/q), better with tariff relief/warranty writedowns, 2) TSLA cybercab now in production with cumulative cybercab miles reaching 1.7M, while FSD unsupervised launch targeted for 2H26E, 3) Optimus production ramping for internal testing in 2H26E, targeting commercial launch in 2027E, and 4) AI investment – F26E Capex guided $25B (prior $20B vs.
F25 at ~$9B) with 6 factories being built/switched, AI5 taped out with previously disclosed SOP in 2027E and planning to utilize INTC (Neutral, $60PT) 14A nodes.
Maintain Outperform, Lower Ests and PT to $480 (prior $540) as we see TSLA well-positioned leading physical AI with Cybercab/FSD traction, humanoid longer term, offset by near-term demand headwinds.”
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