![](\"https:\/\/www.thestreet.com\/.image\/c_fit%2Ch_800%2Cw_1200\/NDA6MDAwMDAwMDAyOTMyNDMx\/tesla_mf_apr04_2026.jpg\")
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Tesla (TSLA) stock just took a body blow after another underwhelming Q1 delivery report, but Dan Ives isn\u2019t flinching.<\/p>\n
The veteran Wedbush analyst doubled down on his Buy rating for the stock, standing by a $600 price target, even after Tesla missed Wall Street’s delivery and energy storage expectations.<\/p>\n
That points to nearly 65% upside, and represents the highest rating on Wall Street for the EV giant.<\/p>\n
For perspective, at the time of writing, Tesla stock traded at $360.59 onYahoo Finance.<\/p>\n
That leaves the stock down $20.67 a share, or nearly 5.4%, from its $381.26 close before it released its Q1 delivery and energy deployment update.<\/p>\n
The selloff ensued after Tesla\u2019s Q1 delivery report, which showed 358,023 vehicle deliveries and 8.8 GWh of energy storage deployments that came in behind expectations, per Reuters.<\/p>\n
For context, at its current size, Tesla\u2019s one-day drop points to nearly $82.2 billion in lost market capitalization.<\/p>\n
Even after its slide, Tesla still commands a market cap of nearly $1.35 trillion.<\/p>\n
That said, the company\u2019s Q1 delivery figures point to clear pressure.\u00a0<\/p>\n
Deliveries fell short of expectations for the second consecutive quarter, while energy storage deployments also missed estimates by a significant margin. For many investors, that invites fresh questions about demand and near-term growth.<\/p>\n
Nevertheless, Ives is playing a different game.<\/p>\n
Ives wrote that,<\/p>\n
So instead of the quarterly sluggishness, Ives is doubling down on Tesla\u2019s long-term transformation into an AI and robotics bellwether.\u00a0<\/p>\n
Tesla shares fall after Q1 delivery miss as analyst maintains bullish outlook on long-term growth<\/p>\n
Bloomberg / Contributor<\/p>\n
Tesla stock returns vs the S&P 5001W: Tesla stock returned -3.10%, compared with the S&P 500 at 1.63%.1M: Tesla stock returned -10.59%, compared with the S&P 500 at -4.34%.6M: Tesla stock returned -17.30%, compared with the S&P 500 at -1.98%.YTD: Tesla stock returned -19.82%, compared with the S&P 500 at -3.84%.1Y: Tesla stock returned 27.53%, compared with the S&P 500 at 16.08%.3Y: Tesla stock returned 73.81%, compared with the S&P 500 at 60.19%.5Y: Tesla stock returned 63.47%, compared with the S&P 500 at 63.75%.
\nSource: Seeking Alpha.
\nTesla\u2019s recent delivery track recordQ1 2026: Tesla delivered 358,023 vehicles and deployed 8.8 GWh of energy storage. Deliveries missed Tesla\u2019s company consensus of 365,645. Deliveries rose 6.3% year-over-year.Q4 2025: Tesla delivered 418,227 vehicles and deployed 14.2 GWh of energy storage. Deliveries missed Tesla\u2019s company consensus of 422,850. Deliveries fell 15.6% year over year.Q3 2025: Tesla delivered 497,099 vehicles and deployed 12.5 GWh of energy storage. Deliveries beat expectations of about 443,919. Deliveries rose 7.4% year -over-year.Q2 2025: Tesla delivered 384,122 vehicles and deployed 9.6 GWh of energy storage. Deliveries missed the estimates of about 394,378. Deliveries fell 13.5% year-over-year.\u00a0What Dan Ives is saying about Tesla post its dismal Q1 showing<\/p>\n
Despite posting another underwhelming quarter, Ives is sticking with his tune on Tesla stock.<\/p>\n
He\u2019s doubling down on the long-term bull case, making it clear that the recent miss does nothing to break the broader thesis.<\/p>\n
The Q1 miss wasn\u2019t a surprise: Ives called the quarter \u201cunderwhelming,\u201d but argued that given the softness in EV demand and Tesla\u2019s strategic pivot, it wasn\u2019t a big surprise.AI and autonomy remain the core bets: Ives sees Tesla as an EV company and, more broadly, an AI-driven platform. According to him, robotaxis, Full Self-Driving (FSD), and broader autonomy are the real drivers of its future valuation.
\nIn September last year, as per Benzinga, Ives said that Wedbush \u201cestimates the AI and autonomous opportunity is worth at least $1 trillion alone for Tesla\u201d.<\/p>\n
Also, CEO Elon Musk said that, \u201cThe future of the company is fundamentally based on large-scale autonomous cars and large-scale autonomous humanoid robots.\u201d
\nEurope is a key bottleneck: Regulatory delays pertaining to FSD approvals continue to hold back growth in the region.\u00a0China remains a bright spot: Tesla\u2019s deliveries in China jumped an incredible 35% year-over-year in the first couple of months of 2026, underscoring tremendous demand in a key market.Massive investment cycle ahead:Reuters\u00a0reports that Tesla plans nearly\u00a0$20 billion\u00a0in spending across AI infrastructure, robotaxi production, Optimus robots, and battery capacity, which will drive the next leg of expansion for its business.<\/p>\n
Related: Powell sends message on U.S. economy and AI-related job loss fear<\/p>\n
Wall Street price targets for Tesla stockWall Street\u2019s consensus price target for Tesla stock is $417.08, indicating 15.67% upside from the current price of $360.59.
\n\u00a0Analyst target prices range from a high of $600 to a low of $125.00.
\nWedbush\u2019s Dan Ives: $600 (66.39% upside).Baird\u2019s Ben Kallo: $538 (49.20% upside).Truist\u2019s William Stein: $400 (10.93% upside).Goldman Sachs\u2019 Mark Delaney: $375 (4.00% upside).Wells Fargo\u2019s Colin Langan: $125 (65.33% downside).
\nSource: Barrons.\u00a0
\nInvestor takeaway on Tesla stock<\/p>\n
Tesla is heading into a massive earnings test soon.<\/p>\n
As per Seeking Alpha, earnings are due April 22 after the bell, with consensus estimates pointing to $0.40 normalized EPS, $0.25 GAAP EPS, and $22.97 billion in sales.\u00a0<\/p>\n
However, expectations are drifting lower into the print, with 5 upward EPS revisions and 8 downward revisions over the past 90 days.\u00a0<\/p>\n
More Tesla:<\/p>\n
Elon Musk\u2019s Terafab bet: what it means for Tesla investorsBank of America revamps Tesla stock priceUBS has a message for Tesla stock investors<\/p>\n
On valuation, Tesla still looks expensive based on popular metrics.<\/p>\n
The EV giant\u2019s non-GAAP trailing P\/E ratiois 215.9 compared to the sector median of 14.8, while forward non-GAAP P\/E is 174.3 versus 14.6 for the sector.<\/p>\n
Even when pitted against Tesla\u2019s own history, the stock looks stretched.<\/p>\n
Trailing non-GAAP P\/E is 71% above its five-year average, and its forward P\/E is about 50% higher.<\/p>\n
Moreover, from a technical standpoint, the setup is not strong.\u00a0<\/p>\n
Tesla is trading comfortably behind its 10-day, 50-day, 100-day, and 200-day moving averages by 3.1%, 10.6%, 14.7%, and 9.2%, respectively.<\/p>\n
Hence, it is prudent to wait for a cleaner setup or a post-report reset, which is the more disciplined move.<\/p>\n
Related: Morgan Stanley has a blunt message for gold investors<\/p>\n
#Veteran #analyst #sends #message #Tesla #investors<\/p>\n","protected":false},"excerpt":{"rendered":"
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