JPMorgan Is Still Betting That Tesla Stock Will Plunge 60% from Here

JPMorgan reiterated a bearish stance on Tesla, maintaining an Underweight (sell) rating and a $145 price target that implies roughly 60% downside from current levels. The bank cited a Q1 delivery miss (≈358,000 units), a record surge in unsold vehicles (inventory ~164,000), and weaker earnings outlooks (Q1 EPS cut to $0.30, FY2026 to $1.80). Tesla’s shares are down about 23% YTD and trading below key moving averages, while valuation remains elevated (trailing P/E ~212x). Other Wall Street shops are more mixed—targets range from $145 (JPMorgan) to ~$600 (Wedbush), with consensus near $405 (12-month median). The JPMorgan note reinforces downside risk and could pressure TSLA shares and sentiment in the near term, despite Tesla’s strong cash position and ongoing investments in AI, batteries and robots.