Tudor Pickering starts ‘fundamentally overvalued’ Tesla at Sell

As previously reported, Tudor Pickering analyst Matt Portillo initiated coverage of Tesla with a Sell rating and $537 price target. He projects vehicle sales increasing from about 863,000 units in 2021 to 5.1M units by 2030 and gives the company credit for full self-driving, batteries, and robotaxis as well as significant expansionary growth in the Supercharger and Energy Generation and Storage business segments, Portillo tells investors. However, even with all of that, the stock “still looks fundamentally overvalued” given that he would need to expect 8M automotive units delivered in 2030 with high adoptions rates of a level 4+ FSD system to justify the current share price, which he calls “a tough ask even with significant expansion in new vehicle lines.”