Tesla Just Lost One of Its Biggest Bears, but Is the Stock a Buy?

J.P. Morgan upgraded Tesla from underweight to neutral with a price target increase from $145 to $475 under new analyst Rajat Gupta, citing the company's AI and robotics opportunities. However, the timing coincides with J.P. Morgan's involvement in the SpaceX IPO, raising questions about motivation. The stock trades at a forward P/E of nearly 200 based largely on unproven promises, with Musk's history of overpromising on autonomous driving and robotaxis.