Tesla third-quarter earnings missed expectations , and many analysts see a tough path for the electric vehicle maker ahead. Shares slipped 3% after the electric vehicle maker reported third-quarter adjusted earnings of 50 cents per share, missing the 54 cents per share analysts polled by LSEG had forecast. However, Tesla’s revenue came in at $28.10 billion, exceeding the expected $26.37 billion. Automotive revenue also jumped 6% year over year to $21.2 billion from $20 billion. Sales increased in the last quarter, as many customers pulled their purchases forward before the expiration of federal tax credits for electric vehicles. Going forward, analysts are watching to see how demand fare in the face of these expirations, alongside higher tariff costs. Analysts also indicated they continue monitoring the company’s progress to scale its Robotaxi business. Morgan Stanley’s Adam Jonas, one of the biggest Tesla bulls, remains undeterred. He noted that Tesla “is navigating a dignified exit from the steering-wheel-having auto business while maintaining a resilient FCF profile.” Here’s what some of Wall Street’s biggest shops had to say on the report. Wells Fargo: underweight rating, $120 price target Analyst Colin Langan’s target implies about 73% downside from Wednesday’s close. “An array of promises were given for 2026 including robots, semitruck ramps in 2H26, & fully autonomous cybercabs in 2Q’26. We remain UW as the core biz is deteriorating & Robotaxi/Optimus likely take longer to scale.” UBS: sell rating, $247 target The bank’s price target is approximately 44% below Wednesday’s close. “We got very little else in terms of near-term outlook. This was likely purposeful. In our view, TSLA is navigating the transition from EV maker to AI company. But for the near term, the numbers are the auto/energy business. Thus, we expect Musk and TSLA to continue to talk up the future opportunities (particularly leading up the November 6th shareholder meeting). We do expect progress updates over the coming year and through a valuation exclusive lens (i.e. does it feed the narrative) these are likely to be more positive than not. However, we believe the current market cap already gives ~ $900bn of value to the AI ventures.” Jefferies: hold rating, $300 target Jefferies’ forecast corresponds to downside of around 32%. “Slight EBIT/margin miss after $238m of various non-recurring charges. Very comfortable beat on FCF helped by a $2.1bn WC inflow consistent with Q3 destock while capex of $2.2bn remains at trend level. The current Auto business no longer drives valuation but continues (with storage and ZEV income) to generate more FCF than is now needed to fund future developments. No major news or announcement on the Q & A.” Barclays: equal weight rating, $350 target Barclays’ target calls for 20% downside going forward. “Tesla missed on 3Q EPS, but it doesn’t matter. Because what is increasingly clear and understood is that the auto business is not the future emphasis for Tesla. Rather the focus ahead remains on Tesla’s growth endeavors in AI — autonomous and robots.” Goldman Sachs: neutral rating, $400 target Analyst Mark Delaney’s forecast is 9% below Tesla’s Wednesday closing price. “We remain Neutral rated on the stock. Longer term, we expect Tesla to grow its EPS more meaningfully driven in part by larger contributions from autonomy and robotics, although our base case expectation for profits in these areas is more measured than the company is targeting given our expectations for market size/timing and competition.” Morgan Stanley: overweight rating, $410 target Analyst Adam Jonas’ price target was about 7% lower than Tesla’s closing price on Wednesday. “Margins in line while $4bn FCF 3x cons. Shrug. Tesla is navigating a dignified exit from the steering-wheel-having auto business while maintaining a resilient FCF profile. Going forward, TSLA is tied to Elon’s ability to ‘steal the fire’ on autonomy in the face of competition from Mag 7 & beyond.” Deutsche Bank: buy rating, $440 target Deutsche Bank’s target of $440, raised from $435 per share, equates to an upside of less than 1%. “Following 3Q25 earnings, we make mostly minor changes to our financial model and believe the focus remains on robotaxi and humanoid. Elon Musk is clearly dialed in at Tesla and the passing of the compensation package will be important in ensuring that continues. High level, robotaxi and Optimus are both progressing slower than desired but v14 should signal an inflection in FSD and Tesla may ultimately prove to be the only Western company capable of manufacturing humanoids at scale.” ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
