Jefferies Warns Tesla Valuation Ignores Robotaxi Lag Despite Gains

Tesla’s operational fundamentals improved with 15% higher vehicle sales, 11 GWh battery deployments and 18.3% auto margins, yet Jefferies on June 22 highlighted widening robotaxi shortfalls versus rivals and a stretched valuation. The stock trades 7% above the firm’s $375 target after BofA’s June 21 note praised Tesla’s 20%-cheaper Texas robotaxi fares. FSD v15 delays, unresolved Hardware 3 issues and $7.8 billion projected cash burn prompted Jefferies to stay bearish even after lifting 2026-28 EBIT estimates 11%.