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Investing.com - Stifel maintains a buy rating for Tesla with a target price of $508, citing strong profit margins and demand benefits from high gasoline prices.

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Analyst Stephen Gengaro stated in the report that Tesla’s gross profit for Q4 2025 is $5.01 billion, “easily surpassing our $4.04 billion estimate,” with a profit margin of 20.1%, “a two-year high,” despite facing over $500 million in tariffs and downward pressure on fixed cost absorption rates.

Gengaro emphasized that Tesla has made strong progress in “FSD and Robotaxi, which we believe are crucial for value creation.”

The analyst pointed out that the company currently has nearly 1.1 million paid fully autonomous driving customers worldwide, although future net growth will shift toward a subscription model, which is “a short-term headwind for profit margins but will generate high-margin recurring revenue.”

Stifel also highlighted macro factors supporting EV demand, stating that “if the Iran war persists, high gasoline prices will be a tailwind for EV sales.”

Tesla’s Robotaxi service is currently operating in the San Francisco Bay Area and Austin, with plans to expand to Dallas, Houston, Phoenix, Miami, Orlando, Tampa, and Las Vegas in the first half of 2026.

Capital expenditures are expected to exceed $20 billion in 2026 to fund six factories, including a lithium refining plant, LFP plant, Cybercab, Semi, new Mega factory, and Optimus factory.

Gengaro said this spending will also expand Tesla’s AI computing infrastructure and the fleet size of Robotaxi and Optimus units.

Stifel has raised its 2026-27 EBITDA forecasts to $16.7 billion and $21.9 billion respectively, maintaining a bullish outlook for Tesla and the broader EV market.

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