Barclays Reiterates Equalweight Rating on Tesla (TSLA)

Barclays analyst Dan Levy reiterated an Equalweight rating and $275.00 price target on Tesla (NASDAQ: TSLA)

The analyst comments: "Tesla's Robotaxi launch in Austin, Texas was rather uneventful with no major issues, and in our opinion largely inline with expectations. Tesla ran a small driverless fleet in a geofenced area, with access only given to a limited number of users.
Yet zooming out, we believe the launch is a matter of perspective. Bulls will point to yesterday's event as the start of a new era for Tesla, one which bulls and believers have been awaiting for a long time. They see the tech working well with a clear path of scaling, and point to Tesla now generating revenue on driverless rides as a critical milestone. Bulls will point to yesterday's event as just the beginning of an exciting path of growth.
We appreciate this view, and believe this further reinforces that Robotaxi/AV remains front and center for the stock...with fundamentals seemingly pushed to the side for now (albeit we believe fundamentals don't matter until they matter). But we believe the much better question ahead is on the path of scaling, which we believe will be long, and we caution against overoptimism."

For an analyst ratings summary and ratings history on Tesla click here. For more ratings news on Tesla click here.

Shares of Tesla closed at $322.16 yesterday.

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