Tesla price target raised to $135 from $120 at JPMorgan

JPMorgan raised the firm’s price target on Tesla to $135 from $120 and keeps an Underweight rating on the shares. The analyst trimmed earnings estimates after Tesla reported softer than expected Q3 deliveries. However, this was a “modest miss” after the “goal posts had been moved considerably,” the analyst tells investors in a research note. The firm says the decline in Tesla’s deliveries outlook is the least meaningful of expectation resets for the company this year because it has come despite large declines in average selling price, which have exacerbated the impact of the volume shortfall on all other performance metrics. JPMorgan established a December 2024 price target of $135 versus its December 2023 price target of $120, even though its out-year 2025 estimates are largely unchanged.