Finance

JPMorgan sees more declines for Tesla in 2026, keeps $145 target

JPMorgan reiterates an underweight rating on Tesla (TSLA) and maintains a $145 price target, signaling more downside in 2026. The note points to a record surge in unsold inventory and softer demand, with 2026 EPS seen at $1.80 and Q1 deliveries around 358,000, below expectations.

📅 April 06, 2026
⏱️ 2 min read
JPMorgan sees more declines for Tesla in 2026, keeps $145 target

Key Takeaways

  • JPMorgan maintains an underweight rating on Tesla with a $145 price target.
  • 2026 earnings per share are forecast at $1.80, down from $2.00.
  • Q1 2026 deliveries are estimated at ~358,000 vs StreetAccount ~370,000.
  • The target implies roughly 60% downside from the close at the time of the report.
  • Near-term risk includes potential EV-margin compression as competition grows.

People Involved

  • Ryan Brinkman JPMorgan analyst

Entities Involved

  • Tesla, Inc. (TSLA) Electric vehicle maker
  • JPMorgan Chase & Co. Investment bank issuing the research note

MarketMoodz Analysis

For investors, the note frames near-term earnings risk as demand for lower-priced, high-volume EVs remains weak and competition intensifies, potentially pressuring margins. JPMorgan’s $145 target signals a material downside from recent levels, with roughly 60% of that risk priced in at the time of publication.

Tesla’s stock has demonstrated a split performance: down about 20% year-to-date but up roughly 51% over the past 12 months. The note notes a largely positive analyst backdrop (roughly 10 of 54 analysts underperform/sell), yet it highlights execution risk, brand controversy, and lofty valuations as offsetting positives, underscoring a fragile balance for investors.

What to watch next: upcoming deliveries, margin trends, and any price-action adjustments in response to competition and demand signals. A weak Q2 and margins squeeze could extend the downside scenario while improvement in demand or pricing power would be required to shift sentiment.

Source: Original Article

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