JPMorgan Raises Tesla Stock Price Target to $475 After Upgrade

JPMorgan upgraded Tesla TSLA to Neutral from Underweight on June 5 and lifted its price target to $475 from $145, a roughly 227% increase that ends nearly a decade of bearish coverage from the bank. Analyst Rajat Gupta, who recently took over coverage from longtime Tesla bear Ryan Brinkman, framed the shift around valuing Tesla as a vertically integrated technology platform rather than primarily as an automaker.

The new target rests on Tesla's hardware and software integration and its push into autonomy and robotics, with JPMorgan modeling earnings per share of roughly $7.50 by 2030 (up from an estimated $1.95 in 2026) and revenue above $203 billion by 2030, driven increasingly by services and self-driving technology. The reversal is notable because JPM had been one of Wall Street's most persistent Tesla skeptics through years of rallies and record highs.

A move to Neutral is not a buy rating, and the bank's target still implies the stock is roughly fairly valued rather than cheap. Investors may watch whether other cautious desks follow, how Tesla's robotaxi and Optimus timelines progress, and whether 2026 delivery and margin trends can support a platform valuation that leans heavily on future autonomy revenue.