Barclays: Tesla’s Next Growth Is Autonomy, Not Fundamentals

Barclays analyst Dan Levy argues Tesla’s growth is pivoting to autonomy and robotics (Robotaxi, FSD, Optimus) rather than its traditional auto business, highlighted by Terafab and solar expansion. With Q1 earnings looming, the key question is how much more capex is needed for these ventures. Levy views Tesla’s core auto outlook as soft and believes the stock could remain detached from fundamentals, assigning TSLA an Equal Weight rating with a $360 target amid a mixed field of opinions and a Hold consensus on near-term movement.