Wells Fargo Raises Tesla Target to $130, Still Sees 67% Drop

Wells Fargo raised its price target on Tesla (TSLA) to $130 from $125, but maintained an Underweight (sell) rating, according to BeInCrypto. Analyst Colin Langan's new target implies roughly 67% downside from Tesla's current level near $396. The $5 increase reflects record second-quarter deliveries of about 480,126 vehicles, but Wells Fargo expects price cuts and rising input costs to keep margins squeezed, limiting earnings growth. Tesla trades near 360 times earnings, a valuation the bank says only makes sense if robotaxi and self-driving bets pay off. The stock is down about 10% year-to-date.