Goldman Sachs has maintained its $375 Tesla (NASDAQ: TSLA) stock price target and reiterated a ‘Neutral’ rating on the electric vehicle maker despite raising its second-quarter 2026 vehicle delivery forecast.
The banking giant increased its Tesla delivery forecast for Q2 2026 to 420,000 vehicles from 405,000, above the Wall Street consensus estimate of 400,000. However, Goldman Sachs left its TSLA stock forecast unchanged at $375 per share.
Based on Tesla’s current share price of about $411, the maintained price target implies a downside of approximately 8.8%.
The updated forecast reflects stronger-than-expected sales trends across Europe and parts of the Asia-Pacific region.
According to Goldman Sachs analyst Mark Delaney, European vehicle registrations through May increased roughly 85% to 90% year over year, with June data also showing a strong start. In China, sales data pointed to high single-digit annual growth through May, while several Asia-Pacific markets also recorded solid demand.
The stronger international performance prompted Delaney to raise the firm’s second-quarter delivery estimate to 420,000 vehicles.
Despite improving demand in Europe and Asia, Goldman Sachs highlighted ongoing weakness in the U.S. market.
The bank noted that U.S. deliveries through May were tracking down by the mid-teens year over year. The softer U.S. performance offset some of the positive momentum seen in other regions, contributing to the firm’s decision to maintain its Neutral rating rather than upgrade the stock.
Wall Street cautious on Tesla stock
Meanwhile, Wall Street analysts remain cautiously optimistic on Tesla stock, with the consensus 12-month Tesla price target standing at $404.54, according to data from TipRanks based on 30 analyst ratings collected over the past three months.
The average Tesla stock forecast implies a downside of 1.61% from the current share price.
Of the 30 analysts covering Tesla, 12 recommend buying the stock, 15 suggest holding shares, and three maintain sell ratings.
Notably, the highest published Tesla analyst price target is $600, implying substantial upside from current levels, while the lowest target stands at $24.86, highlighting the wide range of views on the stock’s future performance.
