Tesla (TSLA) missed Q1 2026 auto delivery estimates. Since the April 2 report, shares have dropped 7.6%. Wall Street analysts have given mixed reactions: some have cut price targets, while others have stuck to Buy, Hold, or Sell ratings. Amid the noise, Wedbush’s Daniel Ives, a longtime Tesla bull, stays bullish about its AI potential. He reiterated a Buy rating and Street-high price target of $600, implying 70.1% upside potential.
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New trading tool for TSLA bearsIves is a five-star analyst on TipRanks, ranking #717 out of 12,128 analysts tracked. He has a 51% success rate and an average return per rating of 11.30%.
Tesla’s Delivery Statistics
Tesla delivered 358,023 vehicles and deployed 8.8 GWh of energy storage, both missing expectations. For context, analysts had expected roughly 366,000 deliveries and about 14.4 GWh for energy storage. This marks the second straight quarterly miss on deliveries and a wide gap on storage. These misses have raised fresh investor doubts over demand and short-term growth. Year-to-date, TSLA shares have fallen 21.6%.
Why Ives Remains Bullish
Ives called the quarterly performance “underwhelming” but holds firm amid softening EV demand and Tesla’s AI push. He views Tesla evolving into an AI powerhouse, pivoting to humanoid robots and autonomous driving. He argues that Full Self-Driving (FSD) and robotaxis will drive future valuation.
Ives previously valued Tesla’s AI and autonomy platform at about $1 trillion. He also acknowledges that regulatory approvals and performance milestones remain a drag on Tesla’s FSD ambitions. On the EV front, Tesla is regaining traction in its key China and European markets. The China Passenger Car Association (CPCA) reported that Tesla’s March quarter sales surged 23.5% year-over-year.
Tesla is planning to spend about $20 billion on AI infrastructure, robotaxi production, Optimus robots, and battery capacity. Ives views these investments as key positive signals for Tesla’s long-term AI dominance and next growth phase.
Is Tesla Stock Still Worth Buying?
Not everyone shares Ives’ enthusiasm. On TipRanks, TSLA has a Hold consensus rating based on 13 Buys, 11 Holds, and eight Sell ratings. The average Tesla price target of $393.97 implies 11.7% upside potential.
