特斯拉Q3财报后分析师观点汇总：业绩超预期但资本开支回报存疑，盘前跌约3.4%，SpaceX合并仅为分析师猜测

Analysts are diving into Tesla ( TSLA ) after the company's third-quarter earnings report and conference call update that featured updates on the Terafab, Optimus production, and the robotaxi rollout. Shares of Tesla ( TSLA ) were down 3.3% in the premarket session amid some doubts on the timeline of its large capex spending paying off. Roth Capital analyst Craig Irwin (Buy rating, price target $505) "Attention has now actively shifted toward potential for a merger between SpaceX (SPCX-NC) and Tesla, which will now likely dominate near-term trading, elevating an issue we first raised in January (here). Financial results were ahead of consensus on robust adjusted auto gross margins, more than offsetting declining credits. Primary benefits for Tesla from a possible merger include accelerating commercialization from direct integration of teams that benefit from TerraFab and AI initiatives. Recent panache unveiling a flying roadster shows the teams work well together, so we ponder how far above $420 a merger could be consummated." Needham analyst Chris Pierce (Hold rating) "Autonomy continues to be a bright spot, increasingly driving vehicle purchase decisions with TSLA having no real competition at this time from US OEM peers. TSLA FSD take rates keep climbing, with geographic expansion a further tailwind given the Model Y's global popularity. SPCX for TSLA conversations grew louder this week, potentially capping upside ahead of a potentially modest takeout premium given TSLA's robust valuation, similar to recent M&A across Musk-owned companies balancing the risk/reward with TSLA trading at ~30x our FY30E adj EBITDA discounted back." Oppenheimer analyst Colin Rusch (Perform rating) "From an operational perspective, TSLA executed well, delivering in-line revenue and strong margins on improving FSD attach rates as the company continued to increase vertical integration, notably on battery capacity expansion. We understand that incremental capacity should address a key supply constraint, enabling higher vehicle volumes and improved operating cash flow." Morgan Stanley analyst Andrew Percoco (Equal-weight rating, price target $410) "We are incrementally more constructive as Tesla's 3Q results offer encouraging proof points on Robotaxi scaling and FSD adoption, while improving Auto and Energy fundamentals strengthen the earnings foundation." JPMorgan analyst Rajat Gupta (Neutral rating, price target $430) "TSLA’s 3Q26 results were incrementally positive, led by a stronger-than-expected automotive gross margin profile and accelerating autonomy momentum, though the near-term financial narrative remains governed by rising opex and an elevated investment cadence." Seeking Alpha analyst Justin Purohit "I continue to view shares in TSLA as a Hold following the Q3 results. While the market appears disappointed by the YOY decline in EV deliveries and the company's growing emphasis on businesses that have yet to generate external sales, I believe the longer-term outlook remains positive. Improving automotive margins, strong energy storage demand, and the growing FSD subscription base provide reasons for optimism, in my view." Seeking Alpha analyst Daniel Jones "The stock is woefully overpriced. Even if it were growing at a rapid pace, it would be difficult to justify these valuations. And considering the risks that lie ahead, such as weakness in the automotive space, should economic conditions deteriorate, I believe that reaffirming the business as a 'strong sell' candidate makes all the sense in the world."