Jefferies analyst Philippe Houchois lowered his Tesla price target to $375. He warns the stock risks becoming a proxy for SpaceX as market speculation regarding a potential merger increases.
This shift could decouple Tesla’s share price from its operational performance. Jefferies suggests investors are increasingly using the stock to gain exposure to the privately held space company.
The firm also adopted a cautious stance on near-term profitability. Jefferies expects the rollout of robotaxis and humanoid robots to generate initial losses, contradicting more bullish Wall Street forecasts.