Mizuho Cuts Tesla Price Target to $450

Mizuho analyst Vijay Rakesh lowered the price target on Tesla (NASDAQ: TSLA) to $450 (from $480) while maintaining an Outperform rating.

“TSLA reported Rev/EPS of $28.2B/$0.33 (cons. $26.2B/$0.50).

Main takeaways: 1) EV stronger than peers with TSLA deliveries up 25% y/y vs GM/RIVN dn 33%/up 14% y/y in JunQ, with backlog at highest level since 2023, 2) Good FSD traction at 55% attach and 1.5M subs, up 16% q/q, 3) Cybercab in production, live across 7 cities, with unsupervised miles reaching 380K+, while FSD unsupervised expansion targeting more cities in 2H26E, 4) Optimus SOP later in 2026E, and 5) AI/factory investments ongoing with capex reiterated at >$25B in 2026E and growing into 2027/28E to build/expand Terafab, Optimus, Robotaxi.

Maintain Outperform, Adjust Ests and PT to $450 (prior: $480) as we see TSLA well-positioned leading physical AI with Cybercab/FSD traction and humanoid robotics longer term.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.