Oppenheimer analyst Colin Rusch reiterated a Perform rating without a Price Target on Tesla (NASDAQ: TSLA) following the company's Q1 report.

The analyst commented: "With TSLA delivering better than feared 1Q results and pulling forward its Model 2 ramp, we note the expected cost-outs and price improvements lacked meaningful detail, suggesting the company is still determining the net benefit. At the same time, TSLA is emphasizing its focus on multiple AI applications, starting with FSD. While we see TSLA as the global leader in AI for the physical world, we expect this transition to be choppy as the company works to improve the technology and begins to pioneer pricing in these markets. We believe the company is anticipating a level of accelerated learning that is uncertain leading to its August AI Day, which could result in delays and moderating earnings. As we lower EPS estimates, we remain on the sidelines."

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Shares of Tesla closed at $144.68 yesterday.