RBC Capital analyst Tom Narayan reiterated an Outperform rating and $500.00 price target on Tesla (NASDAQ: TSLA).

The analyst comments "We estimate Tesla deliveries of 367k in Q1/26, below the Visible Alpha consensus of 369k. We expect Tesla to report deliveries in the next two weeks. We forecast US numbers to be down y/y, reflecting the absence of the IRA consumer credit, and we expect Q1/26 to be down sequentially versus Q4/25's 168k, consistent with seasonality. Model S and X discontinuation in Q2/26 reflects a strategic pivot to robotaxi and humanoids, potentially pressuring private vehicle sales going forward. However, we believe prolonged elevated fuel costs could bolster near-term EV demand, providing some upside for TSLA."

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Shares of Tesla closed at $385.95 yesterday.