Tesla’s Biggest Bear Raises His Price Target… to $25 per Share

EV maker Tesla (TSLA) saw a price target increase from one of its most outspoken critics, Gordon Johnson of GLJ Research, even though his outlook remains deeply negative. In fact, Johnson raised his long-standing price target from $19.05 to $25.28 while keeping his Sell rating unchanged. Despite the increase, his new target is still about 94% below Tesla’s current trading level. It is worth noting that Johnson has built a reputation as Tesla’s biggest skeptic, especially when it comes to the company’s core automotive business.

Over the years, Johnson has repeatedly pointed to slowing delivery growth, what he calls weakening demand, and consistent price cuts as signs that Tesla has struggled to sell cars without discounting. He has also argued that the stock is extremely overvalued and relies too heavily on regulatory credits to generate profits. However, on the other side of the debate, bullish analysts say that Tesla should not be judged solely as a carmaker. Instead, they highlight its potential in areas like autonomous driving and other technologies.

For example, five-star Wedbush analyst Dan Ives believes that Tesla could have a strong 2026 if it successfully delivers on its Robotaxi and Cybercab plans. Meanwhile, market commentator Dan Nathan, who had been skeptical in the past, noted that Tesla often trades based on technical factors and investor sentiment rather than pure fundamentals. Johnson, however, says his revised price target reflects “reality rather than narrative,” which is a view he has consistently held.

What Is the Prediction for TSLA Stock?

Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 13 Buys, nine Holds, and seven Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $404.24 per share implies 6.7% downside risk.

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