Tesla (TSLA) Stock: Wall Street Banks Bet Big on Robotaxi Despite Delivery Weakness

TLDR Tesla’s Q1 2026 vehicle deliveries reached 358,000 units, marking a 6% yearly increase but falling short of the 365,000 analyst consensus TSLA shares have declined 29% from record highs amid weakening EV demand, tax credit expiration, and intensifying competition Bank of America resumed coverage with a $460 target price, highlighting Tesla’s camera-based robotaxi technology as a scalable competitive edge Morgan Stanley calculates Tesla’s cost-per-mile advantage at $0.81, significantly undercutting Waymo’s $1.43 and conventional rideshare’s $1.71 Tesla’s Energy Storage division substantially underperformed — delivering 8.8 GWh against expectations of 14.4 GWh, representing a 40% gap Tesla’s first-quarter 2026 delivery report showed 358,000 vehicles handed over to customers, representing a 6% improvement versus the prior year but narrowly missing Wall Street’s 365,000-unit forecast. This marked the second straight quarter where actual deliveries trailed analyst projections. Tesla, Inc., TSLA The electric vehicle manufacturer has encountered substantial headwinds. The elimination of federal tax incentives, escalating competitive pressures, and CEO Elon Musk’s controversial political involvement have all dampened consumer appetite. Throughout 2025, Tesla relinquished its position as the globe’s leading EV manufacturer, with deliveries, revenue, and profitability all trending downward. TSLA shares currently trade 29% beneath their all-time peak. Yet two prominent Wall Street institutions have issued optimistic assessments — and their focus centers on future opportunities rather than recent performance. Bank of America analyst Alexander Perry resumed coverage in March with a $460 valuation target, suggesting approximately 33% appreciation potential from the current $345 price level. This target aligns with the median forecast among 56 analysts tracking the stock, per The Wall Street Journal data. Perry’s fundamental thesis revolves around autonomous vehicle techno...