BNP Paribas analysts cut their price target on Tesla Inc. to $266 per share. That target implies a potential 30% downside from Tesla’s previous trading level. The firm also lowered its 2026 sales forecast for Tesla by 2%, after third-quarter vehicle deliveries fell short of its expectations.
The analysts raised concerns about Tesla’s capital spending plan, which is projected to exceed $25 billion for the year. The spending is intended to fund advances in artificial intelligence and production of the Optimus humanoid robot. Missed delivery targets and higher spending have prompted questions among some investors about Tesla’s near-term profitability and cash flow.