StoneX Reiterates Buy on Tesla, $475 Price Target

StoneX analyst Mickey Legg reiterated a Buy rating and $475 price target on Tesla (NASDAQ: TSLA).

“What We Expect. Tesla is hosting an invite-only Cybercab event in Austin on 9/3, with a livestream planned (time & link TBA).

What changes Thursday is that the Cybercab becomes hailable through the existing Robotaxi app in Austin, alongside or in place of the Model Ys already in service. We would set expectations accordingly.

The new element is hardware, specifically a two-seat vehicle with no steering wheel, no pedals and no manual fallback, which is a materially different architectural bet than retrofitting production vehicles.

Tesla rates it at 165 Wh per mile on a 48 kWh pack with 418 miles of lab range and a sub $30K target price, making it the most efficient EV the company has built.

The Cybercab is the first purposebuilt robotaxi in the US targeting a cost structure similar to Chinese operators.

In our opinion, the open question is not whether Tesla can build the cheapest robotaxi, but whether a two-seat vehicle priced at a 55% discount to Waymo on the same route can generate the fare per mile required to make the cost advantage translate into contribution margin.

Our expectations heading into the event are measured, with the stock trading up 16% in August, and we remain on the lookout for more concrete milestones on fleet growth and economics.

Maintain Buy & $475 Price Target.”

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