Tesla Stock Dips Near $424 as Analysts Flag Sell Above $400

Tesla shares traded near $424 on June 4 as analysts questioned valuation above $400 amid intensifying competition and SpaceX IPO concerns. The pullback follows a 14.2% May rally driven by robotaxi and FSD optimism, now tempered by a 15% YoY drop in China deliveries through April and $25 billion 2026 capex. Wall Street targets range widely from $360 to $600, with robotaxi revenue projected to reach just 1.6% of sales this year before scaling to $42.4 billion by 2030.