Wells Fargo analyst Colin Langan raised the firm’s price target on Tesla (TSLA) to $125 from $120 and keeps an Underweight rating on the shares following quarterly results. The firm notes Tesla traded up after an auto gross margin ex EV credits beat and guiding 20%-30% 2025 delivery growth. However, Wells highlights about 150bps of margin help from FSD release. The firm also notes pricing fell about 3.4% quarter-over-quarter ex FSD.
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