Deutsche Bank Raises Tesla Price Target To $435, Maintains Buy Rating

Group 1 - Deutsche Bank raised its price target on Tesla to $435 from $345 while maintaining a Buy rating, driven by stronger-than-expected third-quarter deliveries and improved investor sentiment due to CEO Elon Musk's focus on key initiatives [1] - Tesla is expected to benefit from its leadership in embodied AI, with Musk prioritizing the robotaxi and Optimus projects [2] - Analysts forecast third-quarter deliveries of 461,500 units, exceeding the consensus of 433,000, supported by the launch of the Model Y L in China and U.S. pre-buy demand ahead of expiring EV incentives [2] Group 2 - The forecast indicates flat year-on-year growth but a 20% sequential increase, with 20% gains in China and North America offsetting declines in Europe [3] - Full-year deliveries of 1.6 million units are still considered achievable [3] - Deutsche Bank projects fourth-quarter deliveries of approximately 409,000 units and anticipates margin pressure from lower volumes and tariff costs, leading to an EPS of $1.53, below the current consensus of $1.74 [3]