<div id="readability-page-1"><p>Mizuho analyst Vijay Rakesh lowered Tesla’s (NASDAQ:TSLA) price target to $475 from $485, citing potential 2026 EV subsidy cuts in the U.S. and China that could pressure deliveries. The firm maintained its Outperform rating for the electric vehicle maker, however.</p>    <p>As per the Mizuho analyst, upcoming changes to EV incentives in the U.S. and China could affect Tesla’s unit growth more than previously expected. The U.S. accounted for roughly 37% of Tesla’s third-quarter 2025 sales, while China represented about 34%, making both markets highly sensitive to policy shifts. Potential 50% cuts to Chinese subsidies and reduced U.S. incentives affected the firm’s outlook.</p>    <p>With those pressures factored in, the firm now expects Tesla to deliver 1.75 million vehicles in 2026 and 2 million in 2027, slightly below consensus estimates of 1.82 million and 2.15 million, respectively. The analyst was cautiously optimistic, as near-term pressure from subsidies is there, but the company’s long-term tech roadmap remains very compelling. </p>    <figure><div> <blockquote><div lang="en" dir="ltr"><p>$TSLA | 𝐓𝐞𝐬𝐥𝐚: Mizuho reiterates Outperform, trims 𝐏𝐓 𝐭𝐨 $𝟒𝟕𝟓</p><p>Analyst flags 2026 EV subsidy risks in US and China but remains positive on long-term FSD and robotics drivers. pic.twitter.com/Wnfc8Z1R6p</p></div>— Hardik Shah (@AIStockSavvy) November 25, 2025</blockquote> </div></figure>    <p>Despite the revised target, Mizuho remained optimistic on Tesla’s long-term technology roadmap. The firm highlighted three major growth drivers into 2027: the broader adoption of Full Self-Driving V14, the expansion of Tesla’s Robotaxi service, and the commercialization of Optimus, the company’s humanoid robot. </p>    <p>“We are lowering TSLA Ests/PT to $475 with Potential BEV headwinds in 2026E. We believe into 2026E, US (~37% of TSLA 3Q25 sales) EV subsidy cuts and China (34% of TSLA 3Q25 sales) potential 50% EV subsidy cuts could be a headwind to EV deliveries. </p>    <p>“We are now estimating TSLA deliveries for 2026/27E at 1.75M/2.00M (slightly below cons. 1.82M/2.15M). We see some LT drivers with FSD v14 adoption for autonomous, robotaxi launches, and humanoid robots into 2027 driving strength,” the analyst noted. </p> <p>The post Mizuho keeps Tesla (TSLA) “Outperform” rating but lowers price target appeared first on TESLARATI.</p></div>

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<p>Mizuho analyst Vijay Rakesh maintains Tesla's "Outperform" rating but lowers the price target to $475 due to potential EV subsidy cuts in the U.S. and China affecting deliveries. Despite near-term pressures, the analyst remains optimistic about Tesla's long-term growth drivers, including Full Self-Driving, Robotaxi expansion, and humanoid robots.</p>

- Mizuho analyst Vijay Rakesh has reduced Tesla's price target to $475 from $485 due to anticipated cuts in EV subsidies in the U.S. and China, which may impact deliveries.  
- The firm expects Tesla to deliver 1.75 million vehicles in 2026 and 2 million in 2027, slightly below consensus estimates, while maintaining an Outperform rating based on long-term growth drivers like Full Self-Driving technology and the Robotaxi service.  
- The U.S. and China markets, which accounted for 37% and 34% of Tesla's Q3 2025 sales respectively, are particularly vulnerable to policy changes affecting EV incentives.