Tesla falls; JPMorgan cuts price target, lowers Q3 delivery estimates
TSLA•Tesla shares fell 0.6% in premarket trading after J.P. Morgan cut its price target to $415 from $445 and lowered its Q3 2026 delivery estimate to 482,000 from 516,000 vehicles.
1. Estimates cut
J.P. Morgan cited weaker-than-expected deliveries in China and the United States for its lower Q3 2026 estimate. It also cut its third-quarter earnings-per-share forecast to $0.36 from $0.49.
2. Quarterly results ahead
Tesla delivered 480,126 vehicles from April through June, up about 25% from a year earlier and above analysts’ average estimate of 402,776, according to Visible Alpha data. Tesla is scheduled to report quarterly results on October 20.
3. Brokerage views
J.P. Morgan said it is watching progress on the cybercab and robotaxi rollout, including the v15 launch, as well as regulatory developments that could gate meaningful fleet expansion. Of 48 brokerages, 22 rated Tesla “buy” or higher, 21 “hold” and five “sell” or higher.
