Jefferies raises Tesla price target to $400 on Q2 delivery beat
Jefferies raised its Tesla price target from $375 to <em>$400</em>, citing the Q2 delivery beat (480,126 units, +25% YoY) and lifting its FY2026 EBIT estimate 4% to $6.2B — though it kept its Hold rating, signaling lingering caution on new-business valuation.
Jefferies raised its price target on Tesla (TSLA) from $375 to $400. The firm kept its Hold rating, but the size of the increase reads as a reassessment of Tesla's recently contentious Q2 delivery numbers from a different angle.
The catalyst was Tesla's Q2 delivery report on July 2. The company delivered 480,126 vehicles, well above JPMorgan's roughly 420,000-unit estimate and Bloomberg's roughly 406,000-unit consensus, and up about 25% year-over-year. Despite that beat, the stock actually fell 7.5% that day on margin concerns — making this Jefferies upgrade a partial reversal of that worry.
Jefferies also raised its FY2026 EBIT estimate 4% to $6.2 billion, suggesting the delivery beat is starting to flow through to profitability estimates, not just revenue.
Still, the rating stayed at Hold — Jefferies appears constructive on the delivery improvement but remains cautious on the valuation of newer businesses like Robotaxi and Optimus. Whether the actual margin numbers at the July 22 Q2 earnings call support further target increases will be the next test.
Summaries are prepared by the Tesla Briefing editorial team and may not capture every nuance of the original reporting. You are solely responsible for your own investment decisions.