Tesla Holds Near $408 Ahead of July 22 Earnings on Merger Hopes

Tesla shares stabilized near $408 after a 13% post-delivery rally, with Q2 vehicle deliveries of 480,000 beating the 406,000 consensus by a wide margin. Wall Street has responded with upgrades, including RBC lifting its price target to $500 on potential SpaceX merger synergies in AI, chips, and energy. Attention now turns to the July 22 earnings report, where investors will scrutinize margins, FSD progress, and Optimus updates against a valuation exceeding 390x trailing earnings, while analyst targets average near $400.