JPMorgan upgraded Tesla from Underweight to Neutral. The bank raised its price target 228% from $145 to $475. Analyst Rajat Gupta shifted the valuation focus to artificial intelligence, robotics, and autonomous driving.
JPMorgan projects Tesla’s revenue will reach $203 billion by 2030. This forecast represents a doubling of current revenue levels. Nearly half of this growth is expected to come from robotaxis, the Optimus robot, and Full Self-Driving technology.
The bank highlighted Tesla’s vertical integration of hardware and software as a key advantage. While acknowledging high execution risks, JPMorgan believes these new markets justify the valuation.