GLJ Maintains Sell Rating on Tesla (TSLA)

GLJ Research reiterated a Sell rating on Tesla (TSLA.OQ) with a $24.86 price target and updated delivery forecasts that could weigh on the stock. GLJ now expects 368,478 vehicle deliveries in Q1 2026—slightly above Wall Street consensus—but says the uplift is driven by subsidy arbitrage in Korea and easy year-ago comps rather than organic demand. The firm emphasized that Q1 deliveries remain far below Tesla’s recent peak (497,099 units in Q3 2025), representing a 25.9% decline from that high, supporting its negative outlook. The combination of a low price target and continued concerns about demand quality signals continued bearish analyst pressure on TSLA shares.