Goldman Sachs reiterates Tesla stock rating ahead of earnings

Goldman Sachs has reaffirmed a Neutral rating on Tesla Inc. (TSLA) with a $360.00 price target prior to the company's upcoming earnings announcement. Currently, the stock price is at $378.73, surpassing the analyst's target. The next earnings report is expected in 15 days. InvestingPro analysis suggests that Tesla may be overvalued at present.

Goldman Sachs anticipates a boost in top-line growth fueled by the company's vehicle business and the Y-12 ramp-up. The firm highlights that positive earnings per share growth versus Street expectations could be curtailed by expenses and capital expenditures in 2026. Goldman Sachs also posits that the future of Tesla's physical AI-related businesses, such as robotaxis, Full Self-Driving (FSD), and humanoid robots, will be pivotal for the stock's performance, more so than its Q3 2026 earnings per share results.

The company's shares are currently valued at a high earnings multiple with a P/E ratio of 353, although Tesla remains profitable. ProTips indicate that Tesla is trading at an elevated earnings multiple, despite its profitability. For those desiring further analysis, there are 12 ProTips and comprehensive Pro Research Reports available for Tesla and over 1,400 other US equities.

Goldman Sachs has retained its previous price target of $360.00 on Tesla's shares. Recently, Tesla reported delivering 487,000 units in Q3, exceeding analyst expectations by 7% and beating the company's own projections by 5%. The surge in deliveries was largely fueled by the popularity of the Model 3 and Model Y models. However, energy storage deployments fell short of expectations.

Following these results, UBS maintained a Neutral rating with a $385 price target, Truist Securities opted for a Hold rating with a $370 price target, while Baird reasserted its Outperform rating with a $475 price target, and HSBC upgraded its price target to $157, even maintaining a Reduce rating. These varying analyst opinions underscore the diverse outlook on Tesla's future performance.