Wall Street remains bullish on Tesla’s (NASDAQ: TSLA) long-term outlook as the company ramps up Semi truck production and expands its autonomous driving ambitions.
In a September 28 note, Cantor Fitzgerald reiterated its ‘Overweight’ rating on Tesla and maintained a $485 price target, representing roughly 30% upside from current levels.
Cantor Fitzgerald analyst Andres Sheppard maintained the firm’s positive stance, citing continued progress in Tesla’s commercial vehicle and autonomy businesses.
According to the analyst, Tesla is believed to be producing up to 1,000 Semi trucks per week, although the electric Class 8 truck is expected to remain a relatively small contributor to Tesla’s overall fleet by year-end.
The firm also noted that autonomous trucking remains secondary to Tesla’s broader robotaxi and Cybercab strategy, which continues to be the company’s primary autonomy focus.
For the third quarter, Cantor Fitzgerald estimates the electric vehicle manufacturer will deliver approximately 421,758 vehicles, below the Visible Alpha consensus estimate of 448,679. The analyst also projects energy storage deployments of about 15 gigawatt-hours, compared to the consensus forecast of 17.1 gigawatt-hours.
Tesla is expected to pre-announce third-quarter production and delivery figures this week. The analyst also highlighted the upcoming unveiling of Tesla’s next-generation Roadster, scheduled for October 1.
Meanwhile, according to TradingView data, the average TSLA stock forecast among Wall Street analysts stands at $377.09, with estimates ranging from $24.86 to $525. The stock currently carries a consensus ‘Buy’ rating based on 48 analyst ratings.
Tesla stock fundamentals
The Tesla analyst rating update comes as the company advances several initiatives that could strengthen investor sentiment.
On September 24, the Texas-based firm officially began high-volume production and customer deliveries of the Semi electric truck at its dedicated manufacturing facility in Sparks, Nevada. The factory is designed to support annual output of up to 50,000 trucks.
Early customers include PepsiCo, DHL, US Foods, WattEV, ABF, Einride, IMC, and OK Produce. Tesla has also been named a lead supplier in a record order for approximately 2,500 battery-electric Class 8 trucks, although not all of the vehicles are expected to be Semis.
Production models include several upgrades over earlier prototypes, including 4680 battery cells, a next-generation heat pump, Cybertruck-derived drivetrain components, and fully electric 48-volt steering.
Tesla is also expanding its autonomy efforts as Cybercab production ramps at Gigafactory Texas. The company has broadened paid robotaxi services, pursued additional Full Self-Driving approvals overseas, and rolled out features such as automatic collision avoidance and an upgraded Grok AI assistant.
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