TLDR
- Tesla stock trades at $426.60, up 1.7%, maintaining an uptrend that has doubled share price since April 2025
- Melius Research labeled Tesla a “must-own” investment for 2026, highlighting AI and Full Self-Driving technology leadership
- Musk announced Austin robotaxi fleet will reach only 60 vehicles in December, down from his earlier 500-vehicle target
- Key support holds at $390-$410 while resistance sits at $460-$470, with technical indicators showing neutral momentum
- Mizuho Securities dropped its price target to $475, citing concerns about reduced EV subsidies impacting sales growth
Tesla shares rose 1.7% to $426.60 on November 27 as investors weighed bullish analyst commentary against scaled-back autonomous vehicle plans. The stock has doubled since April, holding a steady uptrend despite market turbulence.
Melius Research issued a “must-own” rating for Tesla heading into 2026. The firm highlighted the company’s advances in artificial intelligence, Full Self-Driving technology, and proprietary chip development as reasons for optimism.
Analyst Rob Wertheimer noted that Tesla’s strategic choices from years ago are “working well” while competitors struggle. He added that earlier assumptions about rivals quickly catching up now seem less certain.
Fleet Expansion Falls Short
Elon Musk revealed the Austin robotaxi fleet would “roughly double next month” to approximately 60 vehicles. This figure falls drastically short of his October projection of 500 robotaxis in Austin by year-end.
Tesla hasn’t disclosed official fleet numbers. The revised target shows the company trails its ambitious scaling goals. Musk previously stated Tesla would expand to eight to ten U.S. cities within a year.
Three markets remain on track for 2025: Austin, the Bay Area, and potentially Phoenix. All rides currently require safety monitors. Musk claims these supervisors will be removed by late 2026, but regulatory approvals remain uncertain.
The scaled-back plans raised questions about Tesla’s autonomous vehicle timeline. Still, shares climbed on the news, suggesting investors had anticipated potential delays.
Technical Levels and Price Targets
Tesla finds support in the $390-$405 range, which has attracted buyers repeatedly in November. The broader market rally helped stabilize the stock, with the S&P 500 gaining nearly 4% over four sessions.
Resistance sits at $460-$470, a zone that includes key moving averages. A break above $470 would signal renewed bullish momentum. A drop below $400 could push shares toward $370.
Trading volume has declined from third-quarter highs. The Relative Strength Index hovers between 50 and 55, indicating neutral conditions without clear directional bias.
Wall Street Remains Divided
Stifel Nicolaus recently lifted its price target to $508. However, HSBC and UBS Group maintain sell ratings, warning that Tesla’s valuation allows minimal room for mistakes.
Bears highlight weakening demand in Europe and China, where EV registrations have declined this year. Critics argue that slowing growth doesn’t justify Tesla’s premium valuation among large-cap tech stocks.
Mizuho Securities reduced its target to $475 from nearly $500. The firm cited fading EV subsidies in the U.S. and China as potential headwinds that could erode Tesla’s cost advantage.
The $390-$410 range remains critical heading into year-end. Bulls are watching for updates on FSD regulatory approvals, the Cybercab initiative, and chip manufacturing progress. As of November 27, Tesla trades at $426.60 with the Austin robotaxi fleet expected to reach 60 vehicles by December.
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