A section of Wall Street has issued a mixed outlook on Tesla (NASDAQ: TSLA) stock as the company gears up for the public launch of its robotaxi service in Austin, Texas.
Initially scheduled for June 12, the rollout was delayed after Tesla CEO Elon Musk announced a tentative new date of June 22. He later suggested it could be pushed to June 28 due to safety concerns, stressing that safety remains Tesla’s top priority.
Despite the shift in timing, Tesla stock has shown notable resilience. Shares have rebounded from recent losses tied to Musk’s seemingly amending his relationship with President Donald Trump.
At the time of writing, TSLA was trading at $325.31, up nearly 2% on the day and 14% over the past week.
Wall Street analysts’ take on Tesla stock
As momentum builds around the robotaxi debut, Wall Street analysts have begun weighing in with contrasting views.
Kicking off the bearish side, Guggenheim’s Ronald Jewsikow maintained a ‘Sell’ rating and slashed his price target to $175. In a June 13 note, Jewsikow warned that Tesla’s fundamentals “continue to deteriorate at an alarming rate.” He pointed to weak Q2 delivery trends and underwhelming demand for the refreshed Model Y, forecasting just 360,000 deliveries, far below the 415,000 consensus. Guggenheim sees the market’s optimism for 2025 and 2026 as “disconnected from reality.”
Meanwhile, Wells Fargo’s Colin Langan echoed another bearish tone, reaffirming an ‘Underweight’ rating and a $120 price target. In his June 10 note, Langan highlighted sharp international sales declines, down 36% in Germany, 45% in the U.K., and 30% in China, contributing to Q2 delivery estimates tracking 21% below last year. Still, he acknowledged that investor focus has shifted to the upcoming robotaxi event, which could be a turning point if Tesla meets expectations.
As reported by Finbold, Baird’s Ben Kallo downgraded Tesla from ‘Outperform’ to ‘Neutral’ just days before the initial June 12 pilot robotaxi launch, citing concerns about the rollout’s limited scale and growing political uncertainty. Kallo argued the recent hype is already priced in and flagged additional risks stemming from Musk’s feud with Trump over federal contracts and EV policy. Even so, Baird continues to view Tesla as a core long-term holding.
TSLA’s optimistic outlook
On the more optimistic end, Morgan Stanley’s Adam Jonas reiterated a ‘Buy’ rating on June 9, with a price target of $410. Jonas dismissed near-term concerns, including the EV tax credit cuts and Musk’s political distractions, and emphasized Tesla’s long-term strengths in AI, robotics, energy, and infrastructure. While acknowledging short-term risks from Musk’s spat with Trump and intensifying competition, Jonas remains bullish on the company’s innovation pipeline and global reach.
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