- Jefferies cut its Tesla price target to $375 and warned TSLA could start trading like a SpaceX proxy due to merger speculation.
- The firm said expectations of a merger could make TSLA a “tracker” stock, with its price driven by potential dilution and SpaceX’s valuation.
- Analysts noted that the costly launch phases for robotaxis and humanoid robots may initially create “loss centers” for the company.
Shares of Tesla, Inc. (TSLA) are facing a monthly loss in June as analysts from Jefferies raise a new risk about the stock trading more like a proxy for SpaceX. The warning comes amid growing market speculation about a potential merger between Elon Musk‘s two flagship companies.
Jefferies trimmed its TSLA price target to $375, according to a report from Investing.com. The firm cautioned that a building consensus around a merger could turn TSLA into a “tracker” as shareholders try to minimize stake dilution.
Consequently, the stock might begin moving on expectations around SpaceX’s valuation and deal terms, rather than on Tesla’s own fundamentals like EV deliveries or robotaxi progress. Jefferies also stated that Tesla’s “valuation & estimates remain disconnected.”
Meanwhile, the firm highlighted that much of Tesla’s premium valuation rests on future businesses like robotaxis. However, Jefferies is “assuming launching robotaxis & humanoids will initially create loss centers.”
In a separate development, Goldman Sachs recently said Tesla’s second-quarter deliveries are likely tracking ahead of consensus estimates. The firm raised its forecast to 420,000 units, citing regional sales data.
Merger talks gained momentum after investor Chamath Palihapitiya predicted the companies are entering a consolidation phase. He pointed to SpaceX’s recent all-stock acquisition as evidence of Musk’s dealmaking power, calling it “an incredible deal.”
Retail sentiment on platforms like Stocktwits was described as ‘extremely bearish’ amid the recent stock performance. One user questioned the bull case, while another suggested the stock could fall below $300.
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