Tesla fell about 4% in premarket trading on Thursday despite third-quarter results exceeding expectations, with adjusted earnings of 48 cents per share versus 43 cents expected and revenue of $28.05 billion versus $27.9 billion expected. The stock is down about 14% year to date, while automotive revenue declined 3% and energy revenue fell 16% to $2.88 billion. Investors are concerned about spending on emerging projects such as Optimus, Robotaxi, autonomous driving and artificial intelligence, as well as a potential merger between SpaceX and Tesla. Analysts remain divided: Goldman Sachs, HSBC, JPMorgan and Truist maintained moderate or cautious recommendations, while Deutsche Bank, Canaccord Genuity and Morgan Stanley were more constructive, with Canaccord raising its price target to $442.
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