J.P. Morgan upgrades Tesla to neutral, cites robotics and autonomous driving as long-term catalysts The bank raised its price target by 227.6% to $475, projecting Tesla's revenue could more than double by 2030 on the back of autonomy and robotics ventures. J.P. Morgan just did something it hasn’t done in a while: it stopped being bearish on Tesla. The bank upgraded Tesla from Underweight to Neutral on June 5, lifting its price target from $145 to $475. That’s a 227.6% increase in the target. New analyst, new thesis The upgrade comes under new analyst Rajat Gupta, who assumed coverage of Tesla in May 2026, replacing Ryan Brinkman. Brinkman had been one of the most consistently bearish voices on Wall Street when it came to Tesla, so the changing of the guard here is more than procedural. It’s a philosophical shift in how J.P. Morgan views the company. Where Brinkman focused heavily on near-term EV sales metrics, where Tesla has admittedly struggled, Gupta is looking further down the road. His thesis centers on Tesla’s expanding portfolio beyond cars: autonomous driving, robotaxis, humanoid robotics, AI chips, and software services. The bank projects Tesla’s revenue will more than double to approximately $203 billion by 2030. Roughly 50% of that projected revenue is expected to come from newer autonomy and robotics-related ventures, not traditional EV sales. Earnings per share are projected to climb to around $7.50 by 2030. This upgrade essentially asks investors to look past near-term EV headwinds toward a post-2028 growth inflection. The robotics question Gupta specifically flagged execution risks in the humanoid robotics sector. Tesla’s Optimus robot program has drawn both fascination and skepticism from the tech world. Turning a prototype into a commercially viable product that generates tens of billions in revenue requires clearing manufacturing, regulatory, and market adoption hurdles