RBC cuts Tesla target to $480 from $500 — keeps Outperform rating
RBC Capital Markets lowered its Tesla price target to $480 from $500, citing revised SpaceX-related synergy assumptions baked into its valuation — but kept its Outperform rating intact, signaling no change to its underlying bullish stance.
As Wall Street analysts continue adjusting Tesla targets following the company's July 23 second-quarter earnings report, RBC Capital Markets trimmed its price target to $480 from $500.
The cut is tied to revised SpaceX-related synergy expectations built into RBC's valuation model — notably on the same day SpaceX shares fell below their IPO price for the first time, erasing $1.2 trillion in value from their June peak.
RBC nonetheless kept its Outperform rating unchanged, meaning the lower target doesn't reflect a shift in the firm's underlying bullish view on the stock.
RBC joins a broader group of analysts trimming targets since earnings, in contrast to bulls like Wedbush's Dan Ives, who has held his $600 target.
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