J.P. Morgan Upgrades Tesla Rating to Neutral, Raises Price Target to $475 on AI and Robotics Growth

According to J.P. Morgan, the investment bank upgraded Tesla's rating from Underweight to Neutral on June 5, raising its price target from $145 to $475, citing a market shift toward autonomous driving, humanoid robots, AI chips, and software services rather than near-term vehicle profitability.

The bank estimates Tesla's earnings per share will accelerate after 2028, reaching approximately $7.50 by 2030—nearly triple the 2026 level of $1.95—with revenue projected to grow from $95 billion in 2025 to $203 billion by 2030. Nearly half of this revenue increase is expected to come from autonomous taxi and robotics-related services. Analyst Rajat Gupta highlighted Tesla's vertical integration advantage in hardware and software as a competitive edge not yet fully reflected in the market.