J.P. Morgan just did something it hasn’t done in a very long time: stopped betting against Tesla.
Analyst Rajat Gupta upgraded Tesla from Underweight to Neutral on June 5, slapping a $475 price target on the stock. That’s up from $145, a roughly 228% increase. The reasoning is simple, if you squint: Tesla isn’t really a car company anymore. It’s a robotics and AI company that happens to sell cars.
The bull case, minus the cars
Gupta’s note essentially argues that Tesla’s electric vehicle business is becoming a side plot. The main story, according to J.P. Morgan, is now Optimus humanoid robots, autonomous driving, AI chips, and software services.
Gupta projects Tesla’s revenue could reach approximately $203 billion by 2030, roughly doubling from around $95 billion in 2025. Nearly half of that 2030 figure is expected to come from autonomous and robotics-related sectors.
