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Canaccord Genuity analyst George Gianarikas reiterated his US$442 price target on Tesla stock and pushed back hard on investors who came away from the company’s third quarter earnings call feeling let down. In a note to clients, he wrote that “tea-leaf readers” describing a “subdued” tone on the call “are flatly wrong.”
Gianarikas went the other way, calling it “one of the most unapologetically bullish Tesla calls in many a moon,” according to an excerpt of the note shared on X on Sunday evening. His case leans on what Elon Musk and the management team actually said on the call, not on how it sounded.
His list starts with demand. Tesla said it ended the quarter with its largest vehicle backlog in four years, and Musk told investors the company is “producing and delivering as many cars as we can.” Canaccord also pointed to FSD (Supervised), which was included in over 75% of new North American deliveries, with active subscriptions reaching 1.74 million.
Optimus and energy round out the note. Gianarikas highlighted that Tesla has started building production-quality Optimus robots on a standard line in Fremont, and that Musk said Tesla is “almost sold out of all Megapacks for 2027” while ramping output and expecting margins on storage to rise meaningfully. The note also nods to recent launches of the Cybercab, the Tesla Semi and the Roadster, though the analyst does not expect the Roadster itself to move the needle much.
“Call us biased,” Gianarikas wrote, but between the call commentary and new product launches, he said Tesla “appears to be dripping with growth potential.” Canaccord’s bottom line was simple: “Count us in.”
The note lands as Tesla investors weigh what comes next for the company, including a possible combination with SpaceX that retail shareholders have been pressing the board to fast-track. Tesla’s third quarter revenue came in flat at about US$28 billion, which is part of why some on Wall Street read the call as cautious, while bulls like Canaccord are focused on autonomy, robots and energy storage instead.
Do you agree with Canaccord that the earnings call was more bullish than it sounded?
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