New Street analyst: Waymo going defensive only makes him more bullish on Tesla — $600 target stands
New Street Research analyst Pierre Ferragu said Waymo's insistence that cameras alone aren't enough "makes him more bullish" on Tesla, not less — he reiterated his Buy rating and $600 price target, implying about 69% upside from current levels. The comment lands as Tesla's three-week rally faces a test this week.
The comment reads as a direct rebuttal to a Waymo executive who recently argued that cameras alone can't deliver Level 4 autonomy and that redundant lidar-and-radar sensing is essential — a pointed critique of Tesla's vision-only design.
Ferragu called Waymo's defensive posture "cognitive dissonance" reflecting a legacy architecture, arguing that Waymo playing defense is itself evidence Tesla's approach is working.
He pointed to FSD net additions exceeding U.S. vehicle deliveries in the first quarter and solid second-quarter delivery numbers as signs the market is underestimating an inflection point in Tesla's FSD trajectory.
The $600 target sits above Wall Street consensus, and the reaffirmation comes right as Tesla's three-week winning streak is being tested — timing that could sway near-term sentiment.
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