

Investor's Corner
Tesla (TSLA) dips as Cowen predicts $210 price, Model 3 'demand saturation'
Tesla stock (NASDAQ:TSLA) dropped on Monday amid the release of a bearish note from Cowen, which predicted that the electric car maker’s stock price is poised to be halved, and that the Model 3 is experiencing “demand saturation.” On the heels of Cowen’s note, TSLA shares dropped by as much as 4.9%, before seemingly leveling out at around 4% as of writing.
In a note dated December 29, one day before Tesla China held an inaugural delivery for the first 15 Made-in-China Model 3 at Gigafactory 3, Cowen analyst Jeffrey Osborne stated that he expects the electric car maker to miss its 2019 delivery guidance of 360,000 to 400,000 vehicles. According to Osborne, Tesla may deliver only 356,000 cars instead. The analyst also predicted that Model 3 deliveries would be down quarter-over-quarter and year-over-year in Q4 2019, due to what he described as “demand saturation” for the vehicle.
“Excluding the Netherlands and China, we expect Model 3 deliveries to be down 9% quarter over quarter and 7% year over year in the fourth quarter, which highlights the demand saturation we are seeing across most mature markets as we shift from pent-up demand to steady flow demand,” Osborne wrote.
While the Cowen analyst adjusted his delivery estimate for Q4 2019 to 101,000 vehicles from his initial 95,000 estimate, the analyst nevertheless insisted that Tesla’s expansion into China is likely overestimated. The analyst stated that he remains skeptical about Tesla and the Model 3’s long-term demand in China, primarily since the best-selling car in the country, the BAIC EU Series, has sold less than 2,000 vehicles per week as of late. He also cited Tesla’s alleged poor build quality and service issues as headwinds that the company will face in China.
“BAIC’s EU Series has sold less than 2,000 vehicles per week and the top 5 models (all local brands) combined for less than 6,000 vehicles per week. Those models all cost about one-quarter to three-quarters less than what the China-made Model 3 is expected to cost. While Tesla has built a very dedicated fan base that has been willing to excuse poor build quality, customer service, and service infrastructure, we continue to be skeptical around broader adoption,” he noted.
Cowen has given TSLA stock an “Underperform” rating and a price target of $210 per share. That implies a 50% decrease from the stock’s recent levels.
Overall, Cowen’s points against Tesla that were related in Osborne’s recent note echoed much of the older and rather outdated bearish narratives against the electric car maker. Recent reports from China indicate that all vehicles produced in Gigafactory 3 are sold to customers, and speculations are abounding that the massive electric car facility is now producing cars at a rate beyond 1,000 per week. Tesla’s quality issues are also an issue that the company’s China team had seemingly taken as a personal challenge, emphasizing the MIC Model 3’s stellar build quality when the vehicle was initially unveiled to the media.
Thus, inasmuch as Cowen’s sentiments may be valid, there is also a good chance that Osborne’s concerns about the company, particularly with regards to Model 3 demand in China, will be proven wrong in the coming quarters. For now, 15 analysts tracked by Bloomberg rate TSLA stock with the equivalent of a “Sell,” 11 rates the company with a “Buy,” and another 10 recommend a “Hold.” The average price target for Tesla stock is currently at $297 per share.
Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.
Investor's Corner
Stifel raises Tesla price target by 9.8% over FSD, Robotaxi advancements
Stifel also maintained a “Buy” rating for the electric vehicle maker.

Investment firm Stifel has raised its price target for Tesla (NASDAQ:TSLA) shares to $483 from $440 over increased confidence in the company’s self-driving and Robotaxi programs. The new price target suggests an 11.5% upside from Tesla’s closing price on Tuesday.
Stifel also maintained a “Buy” rating despite acknowledging that Tesla’s timeline for fully unsupervised driving may be ambitious.
Building confidence
In a note to clients, Stifel stated that it believes “Tesla is making progress with modest advancements in its Robotaxi network and FSD,” as noted in a report from Investing.com. The firm expects unsupervised FSD to become available for personal use in the U.S. by the end of 2025, with a wider ride-hailing rollout potentially covering half of the U.S. population by year-end.
Stifel also noted that Tesla’s Robotaxi fleet could expand from “tiny to gigantic” within a short time frame, possibly making a material financial impact to the company by late 2026. The firm views Tesla’s vision-based approach to autonomy as central to this long-term growth, suggesting that continued advancements could unlock new revenue streams across both consumer and mobility sectors.
Tesla’s FSD goals still ambitious
While Stifel’s tone remains optimistic, the firm’s analysts acknowledged that Tesla’s aggressive autonomy timeline may face execution challenges. The note described the 2025 unsupervised FSD target as “a stretch,” though still achievable in the medium term.
“We believe Tesla is making progress with modest advancements in its Robotaxi network and FSD. The company has high expectations for its camera-based approach including; 1) Unsupervised FSD to be available for personal use in the United States by year-end 2025, which appears to be a stretch but seems more likely in the medium term; 2) that it will ‘probably have ride hailing in probably half of the populations of the U.S. by the end of the year’,” the firm noted.
Investor's Corner
Cantor Fitzgerald reaffirms bullish view on Tesla after record Q3 deliveries
The firm reiterated its Overweight rating and $355 price target.

Cantor Fitzgerald is maintaining its bullish outlook on Tesla (NASDAQ:TSLA) following the company’s record-breaking third quarter of 2025.
The firm reiterated its Overweight rating and $355 price target, citing strong delivery results driven by a rush of consumer purchases ahead of the end of the federal tax credit on September 30.
On Tesla’s vehicle deliveries in Q3 2025
During the third quarter of 2025, Tesla delivered a total of 497,099 vehicles, significantly beating analyst expectations of 443,079 vehicles. As per Cantor Fitzgerald, this was likely affected by customers rushing at the end of Q3 to purchase an EV due to the end of the federal tax credit, as noted in an Investing.com report.
“On 10/2, TSLA pre-announced that it delivered 497,099 vehicles in 3Q25 (its highest quarterly delivery in company history), significantly above Company consensus of 443,079, and above 384,122 in 2Q25. This was due primarily to a ‘push forward effect’ from consumers who rushed to purchase or lease EVs ahead of the $7,500 EV tax credit expiring on 9/30,” the firm wrote in its note.
A bright spot in Tesla Energy
Cantor Fitzgerald also highlighted that while Tesla’s full-year production and deliveries would likely fall short of 2024’s 1.8 million total, Tesla’s energy storage business remains a bright spot in the company’s results.
“Tesla also announced that it had deployed 12.5 GWh of energy storage products in 3Q25, its highest in company history vs. our estimate/Visible Alpha consensus of 11.5/10.9 GWh (and vs. ~6.9 GWh in 3Q24). Tesla’s Energy Storage has now deployed more products YTD than all of last year, which is encouraging. We expect Energy Storage revenue to surpass $12B this year, and to account for ~15% of total revenue,” the firm stated.
Tesla’s strong Q3 results have helped lift its market capitalization to $1.47 trillion as of writing. The company also teased a new product reveal on X set for October 7, which the firm stated could serve as another near-term catalyst.
Investor's Corner
Tesla just got a weird price target boost from a notable bear

Tesla stock (NASDAQ: TSLA) just got a weird price target boost from a notable bear just a day after it announced its strongest quarter in terms of vehicle deliveries and energy deployments.
JPMorgan raised its price target on Tesla shares from $115 to $150. It maintained its ‘Underweight’ rating on the stock.
Despite Tesla reporting 497,099 deliveries, about 12 percent above the 443,000 anticipated from the consensus, JPMorgan is still skeptical that the company can keep up its momentum, stating most of its Q3 strength came from leaning on the removal of the $7,500 EV tax credit, which expired on September 30.
Tesla hits record vehicle deliveries and energy deployments in Q3 2025
The firm said Tesla benefited from a “temporary stronger-than-expected industry-wide pull-forward” as the tax credit expired. It is no secret that consumers flocked to the company this past quarter to take advantage of the credit.
The bump will need to be solidified as the start of a continuing trend of strong vehicle deliveries, the firm said in a note to investors. Analysts said that one quarter of strength was “too soon to declare Tesla as having sustainably returned to growth in its core business.”
JPMorgan does not anticipate Tesla having strong showings with vehicle deliveries after Q4.
There are two distinct things that stick out with this note: the first is the lack of recognition of other parts of Tesla’s business, and the confusion that surrounds future quarters.
JPMorgan did not identify Tesla’s strength in autonomy, energy storage, or robotics, with autonomy and robotics being the main focuses of the company’s future. Tesla’s Full Self-Driving and Robotaxi efforts are incredibly relevant and drive more impact moving forward than vehicle deliveries.
Additionally, the confusion surrounding future delivery numbers in quarters past Q3 is evident.
Will Tesla thrive without the EV tax credit? Five reasons why they might
Tesla will receive some assistance from deliveries of vehicles that will reach customers in Q4, but will still qualify for the credit under the IRS’s revised rules. It will also likely introduce an affordable model this quarter, which should have a drastic impact on deliveries depending on pricing.
Tesla shares are trading at $422.40 at 2:35 p.m. on the East Coast.
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