Ahead of electric vehicle (EV) maker Tesla’s (TSLA) Q1 deliveries announcement, Canaccord analyst George Gianarikas slightly raised his estimate to 370,000 vehicles from 367,700. While the analyst reiterated a Buy rating, he slashed the price target for TSLA stock to $420 from $520, as he lowered his valuation multiple to 37x from 46x his 2028 non-GAAP earnings per share (EPS) estimate, in line with the “depressed” multiples of other Magnificent 7 stocks. Let’s look at some key aspects highlighted by Gianarikas.
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Recently, another Tesla bull, RBC Capital analyst Tom Narayan, reiterated a Buy rating on TSLA stock with a price target of $500, saying that he expects the EV giant to report Q1 2026 deliveries of 367,000 units.
Canaccord Analyst Weighs in on Tesla Stock Ahead of Q1 Deliveries
While Gianarikas agrees that Tesla’s story has evolved, with robotaxis and other technology gaining attention, he continues to have an “unwavering belief in the inevitable transition to electric transport.” He highlighted that Tesla’s EV sales accounted for a major portion of the company’s 2025 revenue and remain a key contributor to the company’s earnings.
Gianarikas slightly raised his Q1 deliveries based on his analysis. He noted sluggish business in China, improving but still dull demand in the U.S. and Europe, and “decent” momentum in the rest of the world (ROW). On the positive side, the analyst sees a potential for significant improvement in demand amid elevated gas prices and a recent surge in used Tesla car prices in the domestic market.
Additionally, Gianarikas highlighted the Terafab project, a partnership between Tesla and SpaceX, which he believes is the most notable of the recent announcements. He added that this project is focused on a new era of “galactic-scale innovation” that aims to produce over 1 terawatt of AI compute annually, surpassing existing global output by nearly 50 times. By shrinking chip development cycles from months to days, Terafab aims to start ramping production by 2027. “Though the ambitious path to redefining the semiconductor supply chain is paved with material risk, Elon Musk is perhaps the only figure with the industrial appetite and disruptive spirit to see it through,” said the analyst.
Overall, Gianarikas remains bullish on Tesla, given its long-term growth prospects in areas such as EVs, robotics, autonomy, energy storage, and “sustainable abundance.”
Is Tesla Stock a Buy or Sell?
Amid ongoing challenges in the EV space, Wall Street has a Hold consensus rating on Tesla stock based on 13 Buys, 11 Holds, and seven Sells. The average TSLA stock price target of $395.33 indicates 11.3% upside potential. TSLA stock has plunged 21% so far this year.
