Wells Fargo keeps Tesla at Underweight — but flags August deliveries up 45% month-over-month
Wells Fargo reiterated its Underweight rating on Tesla, while noting its survey checks show August deliveries jumped 45% month-over-month — though they're still down 4% year-over-year, leaving open whether the improvement translates into an earnings rebound.
Wells Fargo reaffirmed its Underweight rating on Tesla in a note out September 9, remaining one of the more bearish voices on Wall Street.
But the number that stood out wasn't the rating — it was the delivery data. The firm's survey checks showed Tesla's August deliveries rose 45% from July.
At the same time, deliveries were still down 4% versus August 2025, meaning the month-over-month bounce hasn't yet turned into year-over-year growth.
The note appeared in CNBC's roundup of Wednesday's biggest analyst calls alongside coverage of Nvidia, Bank of America, and others — Wells Fargo's Tesla survey commentary was the only Tesla-specific call in the batch.
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