<div id="readability-page-1"><p>GLJ Research analyst Gordon Johnson reiterated his Sell rating and $25.28 price target on Tesla (TSLA), implying 92.6% downside potential. He warned of sharp declines as the stock resets to its true fundamentals, without speculative options trading propping it up. A longtime Tesla bear, Johnson has held his Sell rating since initiating coverage years ago.</p><h3>Easter Sale - 70% Off TipRanks</h3>New trading tool for TSLA bears <p>He argued that 2026 has broken a persistent mechanical options tailwind, one that looks unlikely to return. Hence, TSLA stock now faces a fundamental re-rating and sharp downside this year.</p> <h2><strong>Tesla's 'Options Tailwind' Explained</strong></h2> <p>For six years, Tesla shares benefited from aggressive retail call-option buying, sparking gamma squeezes. It's a situation where dealers have to buy underlying shares to hedge, driving prices higher in a self-reinforcing loop unlike anything in the S&amp;P 500.</p> <p>According to Johnson, 2026 marks a shift as retail call buying has dried up. The put-to-call ratio has been above 0.60x on 64 out of 65 trading days so far, compared to just 11.5% of days over 2020-2025. The put-to-call ratio measures put options (bets on falling prices) versus call options (bets on rising prices). Readings above 0.60x signal more bearish bets from traders. TSLA call volume has lagged total S&amp;P 500 call volume every day this year.</p> <p>He pointed out that this artificial lift from options trading is gone for the first time ever, having lasted up to March this year. In the past, Tesla stock surged 2.46% on days of heavy call buying (77% win rate when put-to-call ratio fell below 0.60x). Johnson says this was not real outperformance; it was just traders buying shares to cover their bets (called gamma hedging), which fueled wild retail hype.</p> <h2><strong>Is TSLA a Buy, Hold, or Sell?</strong></h2> <p>On TipRanks, TSLA has a Hold consensus rating based on 13 Buys, 11 Holds, and eight Sell ratings. The average Tesla price target of $393.97 implies 14.8% upside potential from current levels. Year-to-date, TSLA shares have dropped 23.7%.</p></div>

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<p>GLJ Research analyst Gordon Johnson maintains a Sell rating on Tesla (TSLA) with a price target of $25.28, indicating a 92.6% downside. He notes that the stock's previous support from speculative options trading has diminished, leading to a fundamental re-rating. The put-to-call ratio has been consistently high, signaling increased bearish sentiment. TSLA has seen a 23.7% drop year-to-date, contrasting with a Hold consensus rating from analysts, suggesting a potential upside of 14.8% based on an average price target of $393.97.</p>

- Analyst Gordon Johnson maintained his Sell rating and $25.28 price target for Tesla (TSLA), indicating a potential 92.6% decline as the stock adjusts to its fundamentals.  
- He noted that 2026 marks the end of a significant options trading support for TSLA, which has led to increased bearish sentiment, as reflected in the high put-to-call ratio this year.  
- Johnson argues that the dismissing of speculative price boosts from options trading indicates a fundamental re-evaluation of Tesla's stock value.

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'Time to Re-rate Fundamentals' — GLJ Research Says Sell TSLA as Options Tailwind Fades