BofA Securities Reiterates Buy on Tesla, $460 PT

BofA Securities analyst Alexander Perry reiterated a Buy rating and $460 price target on Tesla (NASDAQ: TSLA).

“Tesla reported 2Q26 EPS of $0.33 which was below Street at $0.55. The Auto segment was the largest driver, with gross margin of 16.9% vs.

Street at 19.4% driven by lower regulatory credits and lower vehicle ASPs. TSLA noted margins would have been roughly flat sequentially excluding the ~$230mm warranty and tariff benefit booked in 1Q.

The cost base was also elevated on higher R&D, including pre-production ramp costs for Semi, Optimus, and Cybercab.

TSLA reported record net new FSD subscriptions with total fleet penetration exceeding 15% and TSLA disclosed a 55% North America delivery attach rate (a new metric), while Energy Generation & storage came in ahead on record EMEA deployments.

TSLA reaffirmed FY26 capex of >$25B.

We lower our C26E EPS to $1.76 (from $2.13), reflecting weaker Auto and Energy GM plus elevated R&D spend.”

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