JPMorgan upgrades Tesla to Neutral from Underweight, raises target to $475 from $145

J.P. Morgan analyst Rajat Gupta, who took over coverage from Ryan Brinkman, moved Tesla to Neutral from Underweight and raised the price target to $475 from $145. The note argues Tesla should be valued on long-term earnings from physical AI, robotaxi and humanoid robotics rather than near-term vehicle deliveries. It cites vertical integration from battery cells to custom silicon as the key advantage.

• Rating: Underweight to Neutral; price target $145 to $475
• Analyst Rajat Gupta, who took over from Ryan Brinkman
• Model covers robotaxi and physical AI fleets through 2040, not vehicle deliveries
• Optimus deployment in Tesla factories framed as a cost flywheel for the auto business