Oppenheimer Reiterates Perform on Tesla

Oppenheimer analyst Colin Rusch reiterated a Perform rating on Tesla (NASDAQ: TSLA).

“With TSLA delivering uninspiring 2Q results as vehicle and stationary storage margins normalized lower on tariff impact and pricing dynamics, the company pointed to ongoing elevated R&D spending, suggesting lower operating margins going forward.

Commentary on key growth drivers, Optimus and Robotaxi, was muted given the magnitude of technology challenges even as EV sales appear robust.

Management reiterated expectations for 2026 Capex of ~$25B+, including an incremental 150MW of compute capacity while indicating a willingness to borrow up to $30B to support investments should it need to.

Net/net, TSLA remains in the early stages of an expensive multi-year transition to scaled Physical AI operations across multiple form factors.

As we cut EPS estimates, we remain cautious on shares given substantial execution risk and capital needs.”

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