UBS analyst Joseph Spak upgraded Tesla (TSLA) to Neutral from Sell with an unchanged price target of $352. The firm says current share levels “more evenly balance” Tesla’s near-term demand challenges and investment period with its long-term physical AI opportunity. Tesla shares trade more on sentiment and momentum than fundamentals, the analyst tells investors in a research note. UBS believes concerns over electric vehicle demand, a Q1 energy shortfall, higher costs, higher capital spending requirements, and slow progress of robo-taxi and Optimus have weighed on stock. However, the firm expects eventual progress on robo-taxi and Optimus and continues to view Tesla as a leader in physical AI.
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