JPMorgan shifts Tesla to neutral from underweight and raises its price target by over 200% to $475 ahead of SpaceX IPO.
JPMorgan upgraded Tesla to neutral from underweight and increased its price target to $475 from $145. The move follows a change in coverage to analyst Rajat Gupta, replacing long-time bear Ryan Brinkman, who had covered the stock since 2015.
The upgrade comes as Tesla’s valuation is described as frothy but underpinned by vertical integration and leadership in physical AI. Gupta cited a $3.9 trillion opportunity across robotaxis, humanoid robots, EVs, and energy storage. The timing coincides with JPMorgan’s role in the upcoming SpaceX IPO.
Tesla shares have faced volatility amid shifting analyst sentiment, with prior targets reflecting skepticism over its automotive-focused valuation.