杰富瑞发表研报，预期特斯拉今年首季收入为212亿美元，按年增长10%；销量仅录得35.8万辆，其中已停产的Model S及Model X表现相对疲弱。该行预计核心汽车毛利率将由第四季的17.2%降至15.5%，当中包括因销量低于去年第四季而产生的2个百分点折旧及摊销(D&A)。假设营运开支收紧下，预计营运利润率将低于3%，非公认会计准则每股盈利预期为0.27美元。 该行认为，相关业绩将进一步显示特斯拉愿景与执行力之间的差距扩大，除非Robotaxi方面具说服力的进展，否则市场对其资金状况的担忧或会加剧，甚至引发最终与SpaceX合并的讨论。因特斯拉进取的资本开支计划或令亏损持续一段时间，该行下调2026至2027年的预测，但考虑到公司在面对行动迟缓的竞争对手时仍持续实践愿景，基于较高的中期增长预期，该行将目标价由300美元上调至350美元，维持“持有”评级。
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