JPMorgan ends 8-year Tesla bear call, lifts target 227% to $475

JPMorgan on June 5 upgraded Tesla from Underweight to Neutral and raised its price target from $145 to $475 - a 227% revision - in the first major call from incoming lead auto analyst Rajat Gupta, who replaced longtime bear Ryan Brinkman in early May. Gupta's framework reframes Tesla as a vertically-integrated technology platform rather than an EV manufacturer, with robotaxi, Optimus, and FSD licensing projected to drive roughly half of an estimated $203B revenue base and $7.50 EPS by 2030, ending one of Wall Street's longest-running bearish institutional positions.