Jefferies Raises Tesla Price Target to $400 on Resilient Delivery Volumes

Jefferies raised its price target on Tesla Inc. to $400 from $350 while maintaining a Hold rating, representing about 5% upside from its recent closing price of $382.70. The brokerage cited resilient vehicle deliveries and improving long-term prospects in Full Self-Driving, energy storage, and robotaxis, which help offset margin headwinds. For the third quarter, Tesla delivered 486,532 vehicles, up 1% sequentially and down 2% year-over-year. Jefferies forecasts quarterly revenue of $29.2 billion, an automotive gross margin of 16.7%, and capital expenditures of $8 billion.