Piper says investors wanted ‘something more concrete’ from Tesla event

Piper Sandler says that while Tesla’s robotaxi event “was amazing,” it is probably not enough to sustain the stock’s recent momentum. The “most trading-oriented firms will be underwhelmed by the robo-taxi unveiling,” the analyst tells investors in a research note. Piper would not be surprised if the stock sells off in the coming weeks, “as pre-event momentum fizzle.” While “true believers,” which includes Piper, “have every reason to feel energized after the unveiling,” it is difficult to make upward revisions to 2025 and 2026 estimates following the event, the analyst contends. Piper believes many investors had expected this event to “deliver something more concrete.” It keeps an Overweight rating on the shares with a $310 price target