"We downgrade TSLA from Buy to Neutral. Since our upgrade in April 2024, news flow and investor sentiment have shifted more positively. Catalysts around future growth drivers have been more fully recognized (most notably for Robotaxi). Our latest valuation analysis drives our PO to $490 PO (was $400). While this still implies upside, execution risk is high and TSLA is trading at a level that captures much of our base case LT potential from core autos, robotaxi, Optimus, and energy generation & storage."
"Tesla's Q4 and FY 2024 vehicle delivery results were weaker than expected, with the company posting an overall annual sales decline. On the flip side, Tesla Energy had a blockbuster year by deploying a record 11 GWh of energy storage in Q4 and 31.4 GWh of energy storage in FY 2024."
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