<p>作者：Emily Bary</p>
<p>一位新的分析师接管了该银行对特斯拉的覆盖，他对埃隆·马斯克的电动车公司持有较为乐观的看法。</p>
<p>摩根大通表示，特斯拉的估值 “显然偏高”，但该公司拥有被低估的优势。</p>
<p>随着摩根大通对电动车制造商的覆盖方式进行一些调整，华尔街上又少了一位特斯拉的空头。</p>
<p>摩根大通分析师拉贾特·古普塔刚刚接管了该投资银行对特斯拉股票（TSLA）的覆盖，并因此将公司的评级从减持上调至中性。前任分析师瑞安·布林克曼是一位相当直言不讳的特斯拉空头，早在两个月前就警告投资者应对该股票保持 “高度谨慎”。</p>
<p>布林克曼之前的目标价为 145 美元，意味着从周四收盘价 418.45 美元来看有 65% 的下行空间。但古普塔现在已将摩根大通对特斯拉的目标价上调至 475 美元，以配合此次评级上调。</p>
<p>另见：想要投资 SpaceX 的 IPO 吗？这张可怕的图表可能会让你三思而后行。</p>
<p>古普塔赞扬了特斯拉的 “独特优势”，称其在工业级别上 “无与伦比”。他指的是特斯拉在软件和硬件产品的垂直整合程度，以及在技术发展上的快速推进。</p>
<p>“我们认为这一方面虽然在高层次上已被广泛了解，但仍然在某种程度上被低估和误解，因为它带来的起点优势是显而易见的，” 他在周五写道。</p>
<p>特斯拉的股票交易价格为 2027 财年预计调整后每股收益的 195 倍，在古普塔看来，这一估值 “显然偏高”。但他的新目标价开始基于 2030 年及以后的盈利潜力来评估特斯拉，他认为届时收入和利润率表现将会在当前大额支出期后出现上升。</p>
<p>另见：这是 SpaceX 如何向普通投资者推介其 IPO 的方式。</p>
<p>那么为什么现在不看涨呢？古普塔建议投资者保持耐心，因为未来可能会出现更好的买入机会。他提到 “特斯拉估值可能面临的短期风险来自于指数多样化到更具短期增长潜力/更吸引眼球的故事，这可能为投资者重新参与或增加持仓提供更好的切入点，一旦估值水平下降。”</p>
<p>“从根本上讲，我们认为短期内股票的走势可能与与机器人出租车和 Optimus 相关的增量数据点/进展，以及对未来盈利重置和最终收入/利润率拐点的改善可见性相关，” 他补充道。</p>
<p>周五市场开盘后，特斯拉的股票下跌约 1%。</p>
<p>-Emily Bary</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻社和《华尔街日报》发布。</p>
<p>（完）道琼斯新闻社</p>
<p>06-05-26 0950ET</p>

1.25 倍做多特斯拉 ETF - GraniteShares

特斯拉

2 倍做多特斯拉 ETF - Direxion

<p>摩根大通将特斯拉的评级从减持上调至中性，并将其目标价提高至 475 美元，结束了之前预测 65% 下跌的看空立场。新任分析师 Rajat Gupta 承认特斯拉的高估值，但强调其被低估的工业规模优势。他建议耐心等待更好的入场时机，指出近期风险以及对机器人出租车和 Optimus 进展的依赖</p>

<p>By Emily Bary</p>
<div class="lb-trans"><p>作者：Emily Bary</p>
</div><p>A new analyst has taken over the bank's Tesla coverage, and he has a less gloomy view of Elon Musk's EV company</p>
<div class="lb-trans"><p>一位新的分析师接管了该银行对特斯拉的覆盖，他对埃隆·马斯克的电动车公司持有较为乐观的看法。</p>
</div><p>Tesla's valuation is &#34;clearly lofty,&#34; but the company has underappreciated advantages, according to J.P. Morgan.</p>
<div class="lb-trans"><p>摩根大通表示，特斯拉的估值 “显然偏高”，但该公司拥有被低估的优势。</p>
</div><p>There's now one fewer Tesla bear on Wall Street as J.P. Morgan makes some changes to how it handles coverage of the electric-vehicle maker.</p>
<div class="lb-trans"><p>随着摩根大通对电动车制造商的覆盖方式进行一些调整，华尔街上又少了一位特斯拉的空头。</p>
</div><p>J.P. Morgan analyst Rajat Gupta just took over the investment bank's coverage of Tesla's stock (TSLA), and in doing so, he lifted the firm's rating to neutral from underweight. The previous analyst, Ryan Brinkman, was a fairly vocal Tesla bear who warned just two months ago that investors should treat the stock with a &#34;high degree of caution.&#34;</p>
<div class="lb-trans"><p>摩根大通分析师拉贾特·古普塔刚刚接管了该投资银行对特斯拉股票（TSLA）的覆盖，并因此将公司的评级从减持上调至中性。前任分析师瑞安·布林克曼是一位相当直言不讳的特斯拉空头，早在两个月前就警告投资者应对该股票保持 “高度谨慎”。</p>
</div><p>Brinkman's previous price target of $145 implied 65% downside from Thursday's closing price of $418.45. But Gupta has now raised J.P. Morgan's Tesla target to $475 in conjunction with the upgrade.</p>
<div class="lb-trans"><p>布林克曼之前的目标价为 145 美元，意味着从周四收盘价 418.45 美元来看有 65% 的下行空间。但古普塔现在已将摩根大通对特斯拉的目标价上调至 475 美元，以配合此次评级上调。</p>
</div><p>See also: Looking to buy into the SpaceX IPO? This scary chart might make you think twice.</p>
<div class="lb-trans"><p>另见：想要投资 SpaceX 的 IPO 吗？这张可怕的图表可能会让你三思而后行。</p>
</div><p>Gupta praised Tesla's &#34;unique advantage&#34; that is &#34;unmatchedat an industrial-level scale.&#34; He was referring to the degree to which Tesla vertically integrates its software and hardware offerings while moving swiftly on technological developments.</p>
<div class="lb-trans"><p>古普塔赞扬了特斯拉的 “独特优势”，称其在工业级别上 “无与伦比”。他指的是特斯拉在软件和硬件产品的垂直整合程度，以及在技术发展上的快速推进。</p>
</div><p>&#34;We believe this aspect, while largely known at a high level, is still somewhat under-appreciated and misunderstood, for the sheer starting-point advantage it brings,&#34; he wrote on Friday.</p>
<div class="lb-trans"><p>“我们认为这一方面虽然在高层次上已被广泛了解，但仍然在某种程度上被低估和误解，因为它带来的起点优势是显而易见的，” 他在周五写道。</p>
</div><p>Tesla shares trade at 195 times estimated adjusted earnings per share for fiscal 2027, a valuation that's &#34;clearly lofty,&#34; in Gupta's view. But his new target price starts to value Tesla on earnings potential in 2030 and beyond, which is when he thinks revenue and margin performance will inflect higher following the current period of hefty spending.</p>
<div class="lb-trans"><p>特斯拉的股票交易价格为 2027 财年预计调整后每股收益的 195 倍，在古普塔看来，这一估值 “显然偏高”。但他的新目标价开始基于 2030 年及以后的盈利潜力来评估特斯拉，他认为届时收入和利润率表现将会在当前大额支出期后出现上升。</p>
</div><p>See also: Here's how SpaceX is pitching its IPO to everyday investors</p>
<div class="lb-trans"><p>另见：这是 SpaceX 如何向普通投资者推介其 IPO 的方式。</p>
</div><p>So why not turn bullish now? Gupta advises that investors stay patient, as better buying opportunities could be on the horizon later. He cited &#34;potential near-term risk to [Tesla's] valuation from index diversification to the more near-term growthier/shinier stories, which could provide a better entry-point for investors to reengage or add&#34; once valuation levels come down.</p>
<div class="lb-trans"><p>那么为什么现在不看涨呢？古普塔建议投资者保持耐心，因为未来可能会出现更好的买入机会。他提到 “特斯拉估值可能面临的短期风险来自于指数多样化到更具短期增长潜力/更吸引眼球的故事，这可能为投资者重新参与或增加持仓提供更好的切入点，一旦估值水平下降。”</p>
</div><p>&#34;Fundamentally, we believe the direction of shares in the near-term is likely to be tied to incremental data points/progress related to robotaxi and Optimus, along with improving visibility on forward earnings reset and eventual revenue/margin inflection,&#34; he added.</p>
<div class="lb-trans"><p>“从根本上讲，我们认为短期内股票的走势可能与与机器人出租车和 Optimus 相关的增量数据点/进展，以及对未来盈利重置和最终收入/利润率拐点的改善可见性相关，” 他补充道。</p>
</div><p>Tesla shares were down about 1% shortly after the market open on Friday.</p>
<div class="lb-trans"><p>周五市场开盘后，特斯拉的股票下跌约 1%。</p>
</div><p>-Emily Bary</p>
<div class="lb-trans"><p>-Emily Bary</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻社和《华尔街日报》发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>06-05-26 0950ET</p>
<div class="lb-trans"><p>06-05-26 0950ET</p>
</div>

J.P. Morgan ends bearish Tesla call that was predicting a 65% stock drop

- J.P. Morgan 分析师提升特斯拉评级至中性，目标价至 $475。  
- 新分析师认为特斯拉具备未被充分认可的独特优势。  
- 他建议投资者保持耐心，未来可能有更好的买入机会。

Dow Jones

2 倍做空特斯拉 ETF - T-Rex

Simplify Volt TSLA Revolution ETF

2 倍做空特斯拉 ETF - GraniteShares

2 倍做空特斯拉 ETF - Tradr

1 倍做空特斯拉 ETF - Direxion

2 倍做多 TSLA ETF - GraniteShares

2 倍做多特斯拉 ETF - Leverage Shares

2 倍做多 TSLA ETF - T-Rex

XI二南特斯-U

南方两倍做多特斯拉

南方两倍做空特斯拉

摩根大通结束了对特斯拉的看跌预测，该预测曾预计特斯拉股价会下跌 65%