---
title: "Mizuho keeps Tesla (TSLA) “Outperform” rating but lowers price target"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/267554556.md"
description: "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."
datetime: "2025-11-26T14:22:06.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/267554556.md)
  - [en](https://longbridge.com/en/news/267554556.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/267554556.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/267554556.md) | [繁體中文](https://longbridge.com/zh-HK/news/267554556.md)


# Mizuho keeps Tesla (TSLA) “Outperform” rating but lowers price target

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.

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.

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.

> $TSLA | 𝐓𝐞𝐬𝐥𝐚: Mizuho reiterates Outperform, trims 𝐏𝐓 𝐭𝐨 $𝟒𝟕𝟓
> 
> Analyst flags 2026 EV subsidy risks in US and China but remains positive on long-term FSD and robotics drivers. pic.twitter.com/Wnfc8Z1R6p
> 
> — Hardik Shah (@AIStockSavvy) November 25, 2025

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.

“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.

“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.

The post Mizuho keeps Tesla (TSLA) “Outperform” rating but lowers price target appeared first on TESLARATI.

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