Analysts Lift Tesla Targets Before July 22 Earnings

AUSTIN, Texas — Wall Street is turning more constructive on Tesla heading into the company's second-quarter earnings report on July 22, with a series of analysts lifting price targets on the back of a record delivery quarter and a widening bet on the automaker's autonomy and AI roadmap.

Jefferies analyst Philippe Houchois raised his target to $400 from $375, lifting the firm's Q2 operating-income estimate to $1.45 billion and nudging up outer-year forecasts. Morgan Stanley's Andrew Percoco moved to $417, and Barclays' Dan Levy edged his to $370, pushing the consensus target to roughly $408. Deutsche Bank reiterated a buy stance and told clients it expects Q2 deliveries to land about 10,000 units above Tesla's official tally, driven largely by European strength.

A record quarter sets the table

The optimism starts with the numbers Tesla already reported. The company delivered roughly 480,000 vehicles in the second quarter, up about 25% year over year and well above Wall Street's expectation near 406,000 — its best second quarter ever by raw volume. Tesla's energy business chipped in as well, deploying 13.5 GWh of storage in the quarter against 9.6 GWh a year earlier. That momentum extends a run of strong regional prints, including the milestone of Tesla owning half the U.S. EV market in the first half of 2026.

With deliveries already known, analysts say the July 22 report will hinge less on volume and more on margins, the pace of the Cybercab ramp, and updates on robotaxi expansion.

AI and autonomy in focus

Increasingly, the bull case rests on Tesla's software and autonomy stack rather than unit sales alone. Several analysts framed Full Self-Driving and the robotaxi rollout as the swing factor for the stock, a thesis captured when one analyst argued Tesla FSD is nearing its iPhone moment. Progress on the Cybercab is central to that story, and investors will be watching for fresh detail after Tesla confirmed that Cybercab employee rides are starting soon at Giga Texas.

Jefferies also flagged the potential for a Tesla–SpaceX tie-up to hand shareholders a premium, one of several catalysts analysts see beyond the core auto business.

What to watch on July 22

Tesla reports second-quarter results after the closing bell on Wednesday, July 22. As CNBC noted in its roundup of analyst calls, the tone across the Street has brightened into the print, with rising targets reflecting confidence in both the delivery rebound and the longer AI arc.

With a record delivery quarter in the books, a strengthening energy business, and autonomy milestones stacking up, the setup into earnings looks about as favorable as Tesla bulls could ask for.