RBC analyst slashes 3 key auto price targets

RBC Capital’s analyst Tom Narayan cut price targets on Tesla, Ford and Lucid, citing a cooling EV market and competitive pressures, while keeping an outperform on Tesla. Tesla’s target was trimmed 4% to $480 as RBC still values its core auto business and adjacent businesses; RBC projects Tesla revenue rising to $111 billion in 2026 (from $93.5 billion in 2025). Ford’s target was cut 8.3% to $11 amid heavy EV losses and a $19.5 billion charge, though Ford plans to push cheaper EVs and target profitability by 2029. Lucid’s target was cut 20% to $8 amid liquidity concerns. The note underscores downside risk for smaller EV names and targeted weakness in Ford and Lucid, while keeping Tesla relatively favored.