Tesla ended the quarter with $44.1 billion in cash, cash equivalents, and investments, up 21% from a year earlier. UBS maintained its Sell rating with a $352 price target despite raising its target, implying 18% downside. “The 2026 capex budget of $20B is ~2x higher than normal, and represents 44% of Tesla‘s cash balance,” Potter wrote. Jefferies analyst Philippe Houchois reiterated a Hold rating and $300 price target, implying 30% downside, noting the vague outlook despite healthy margin beats. Truist Securities analyst William Stein lowered his price target marginally to $438 from $439 while maintaining a Hold rating, implying 2% upside.