NEW YORK, June 7, 2026, 11:00 (EDT)
- Tesla ended Friday at $391.00, off 6.56%. Shares barely moved in after-hours while U.S. markets remained closed for the weekend.
- J.P. Morgan raised its rating on Tesla to “neutral” and bumped the price target to $475 from $145, but shares got caught in a wider tech slide. Reuters
- Investors get a read on demand for Elon Musk-linked names this week, with SpaceX set to hit the market on June 12.
Tesla stock starts the week lower after falling hard on Friday. J.P. Morgan dropped its bearish stance but said Tesla’s value now depends more on robotaxis, robotics and software than short-term car profits.
Tesla shares fell 6.56% on Friday, ending at $391.00 after sinking to an intraday low of $388.59. In after-hours trading, the stock picked up 0.08% to $391.32. Nasdaq trades from 9:30 a.m. to 4 p.m. Eastern, Monday to Friday, so Tesla investors are going into the weekend with regular trading shut.
Tesla is now a high-multiple bet on autonomy just as investors move away from pricey tech names. On Friday, Wall Street’s main indexes took a big hit—Nasdaq dropped 4.18%, S&P 500 lost 2.64%—after a strong U.S. jobs report pushed up worries about higher interest rates. Higher rates usually weigh on growth stocks, cutting the value of future profits.
J.P. Morgan bumped Tesla to “neutral” from “underweight” and put their price target at $475, up from $145. Analysts led by Rajat Gupta pointed to Tesla’s moves in autonomous driving, humanoid robots, AI chips and software. They said Tesla’s vertical integration is “still somewhat under-appreciated and misunderstood.” Reuters
JPMorgan said Tesla’s earnings per share could hit about $7.50 by 2030, up from around $1.95 in 2026. The bank also sees revenue more than doubling to $203 billion by 2030 from about $95 billion in 2025. That’s a long way off. Investors now have to weigh if the drop on Friday made shares more attractive, or if it just showed how much of the story still hangs on future execution.
Stocks traded lower. “After the record run we’ve seen the last nine weeks in equities, specifically tech and semiconductors, the dam just broke today,” Ryan Detrick, chief market strategist at Carson Group, told Reuters. Wells Fargo chief equity strategist Ohsung Kwon said the move was “more driven by positioning rather than fundamentals.” He said volatility may stick around if the next consumer price index isn’t soft. Reuters
Tesla got a bit of operating news out last week, saying it was starting to roll out unsupervised robotaxis around the Austin metro area. The company is trying to move away from just selling EVs and pivot toward autonomous ride-hailing. Reuters said a city presentation showed Tesla has about 50 vehicles in Austin, while Alphabet’s Waymo operates more than 250.
Tesla’s China-made EV sales came in at 85,982 vehicles in May, up 39.4% year-on-year. The figure includes Model 3 and Model Y cars built in Shanghai and exported. BYD is still pushing hard in the market. Tesla has not yet received Chinese approval for its top driver-assistance features, Reuters reported, while local brands move faster on upgrades.
Tesla picked up another boost from Europe. New registrations jumped 655% in France in May, hitting 5,446 vehicles, and climbed 29% in Norway to 3,345. “The Model Y, in particular, is capturing significant demand in the SUV segment,” said TP ICAP Midcap’s Julien Thomas, citing price and range with buyers still sensitive to cost. Reuters
But the risks are real. J.P. Morgan flagged big hurdles on getting regulatory signoff, proving safety, and ramping up new tech. Continued rate worries, slower robotaxi uptake, or stiffer pressure from Waymo on autonomy and BYD on EVs could drag Tesla’s value closer to its core auto business, before it sees any robotics sales.
Musk will also be in focus this week. SpaceX is aiming for a $75 billion IPO at a $1.75 trillion valuation; an IPO is a company’s first public share sale. S&P Global said it won’t loosen rules to move SpaceX into the S&P 500 faster. B. Riley Wealth strategist Art Hogan said it “speaks highly” of S&P Dow Jones Indices to keep the profitability requirement for entry. Reuters
Tesla shareholders may watch closely as SpaceX angles for some of the same risk dollars and focus. Next session will say if Friday’s drop was just a breather after the recent tech run, or something sharper—proof that even a bull call from analysts can’t offset pressure from rates, robotaxi doubts, or talk of Musk’s next listing landing all at once.
