Investing.com -- Piper Sandler has published an update to its Tesla valuation framework, arguing that at current share prices, investors are effectively acquiring the company's Optimus humanoid robot business at no cost.

The conclusion reinforces the firm's continued Overweight rating and $500 price target on the stock.

Analyst Alexander Potter said his new model, covering 17 discrete Tesla product lines, yields a value of approximately $400 per share, just below the stock's current trading price, without assigning any value to Optimus.

"At $400/share, we think investors can buy Optimus for 'free,'" Potter wrote.

The updated framework, which Potter described as "the TSLA model we've always wanted to build," incorporates revenue and profit forecasts for businesses that most sell-side models overlook, including in-house insurance, Supercharging, and a standalone robotaxi valuation separate from the full self-driving software business.

The model also reflects Tesla's 2025 CEO compensation plan for the first time.

Potter acknowledged that his 2026-2027 estimates are below consensus, reflecting declining deliveries from discontinued products and a smaller contribution from regulatory credits.

However, he said he is "unconcerned," arguing that traditionally relevant metrics are becoming less important as FSD subscriber counts and robotaxi metrics take center stage.

On Optimus specifically, Potter said the humanoid robot and inference-as-a-service businesses "arguably will be worth more than Tesla's other businesses combined," though he has not yet attempted to formally forecast them.

His $500 price target implies those businesses are worth $100 per share, a figure he believes is probably too conservative.