“We are raising our price target on Tesla to $600 from $500 to reflect our view that an accelerated AI path for the company is now on the horizon and investors are underestimating the transformation underway at the company... We believe Tesla is taking major steps in advancing its AI Revolution path with autonomous and robotics front and center heading into 2026.”

The 12-month window closed September 26, 2026 with Tesla trading around $375 (close on September 21, 2026), roughly 38% below the $600 target; closing that gap in the final trading days was not remotely plausible. The underlying thesis (autonomy and robotics driving re-rating) did not produce the predicted price outcome in the stated window.