Tesla Shares Slip Over 1.5% After BNP Paribas Target Cut as Semi Ramp Fails to Excite

TSLA closed at $372.11 on September 25, down 1.54%, as analyst commentary overshadowed plans to ramp Semi truck production . The stock fell on a day when the S&P 500 rose 0.51%, and EV peers moved the other way: RIVN closed up 1.18% and GM up 2.56% .

BNP Paribas Exane lowered its price target from $280 to $268 and kept its underperform rating, a target cut rather than a rating change . UBS countered with a $385 price target . MarketBeat puts the consensus rating at "hold" with a consensus price target of $411.89 . Separately, CFO Vaibhav Taneja sold 2,606 shares at an average price of $360.13, for a total of $938,498.78 .

On the Semi, Tesla plans to produce 50,000 trucks annually, and some analysts don't think that is enough to move the needle . MarketWatch reported that the launch failed to excite investors and that Tesla's initial Semi targets remain unclear . Tesla closed the Nevada Semi event with a Roadster teaser; "We can't have a Semi event without the Roadster," engineering executive Lars Moravy said, ahead of an October 1 reveal event in Waco, Texas .

The bigger debate is whether Tesla becomes an AI company. It trades at a trailing PE of 346 with negative free cash flow, while FSD subscriptions grew 56% to 1.48 million in Q2, and CFO Taneja confirmed 2026 capex will exceed $25 billion before AI revenue materializes .

What to watch: the October 1 Roadster event, any concrete Semi production figures, and further analyst target revisions.