J.P. Morgan just did something it hasn’t done in a while: it stopped being bearish on Tesla.
The bank upgraded Tesla from Underweight to Neutral on June 5, lifting its price target from $145 to $475. That’s a 227.6% increase in the target.
New analyst, new thesis
The upgrade comes under new analyst Rajat Gupta, who assumed coverage of Tesla in May 2026, replacing Ryan Brinkman. Brinkman had been one of the most consistently bearish voices on Wall Street when it came to Tesla, so the changing of the guard here is more than procedural. It’s a philosophical shift in how J.P. Morgan views the company.
Where Brinkman focused heavily on near-term EV sales metrics, where Tesla has admittedly struggled, Gupta is looking further down the road. His thesis centers on Tesla’s expanding portfolio beyond cars: autonomous driving, robotaxis, humanoid robotics, AI chips, and software services.
