Tesla, Inc. (TSLA) Valuation
Rating: Strong Overpriced
12-Month Fair Value: $68 – $113 – $158
Confidence: MEDIUM
Bear thesis confirmed: European registrations -17%, BYD outsells 2.2:1, brand value collapsed 58%. Oil >$100 from Iran war is mixed (EV demand boost but macro recession risk). FSD only 12% penetration. At $383 (181x FY26E), stock is 70% above FV mid. R/R 0.12:1. Highest conviction overpriced in coverage.
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