RBC Capital raised its price target on Tesla NASDAQ:TSLA to $500 from $475 after incorporating a premium tied to a potential combination with SpaceX.
The brokerage said the higher valuation reflects unconfirmed reports of a possible transaction between the two companies. RBC said an all-stock deal, with SpaceX acquiring Tesla at a premium of about 20% to 30%, could create operational synergies through closer collaboration in artificial intelligence, proprietary chip manufacturing, Megapack energy systems for data centers, and fleet management.
RBC also increased its standalone intrinsic value estimate for Tesla to $435 per share. The firm raised its robotaxi valuation by 20%, citing a larger projected global fleet and describing autonomous mobility as Tesla's largest long-term growth opportunity.
At the same time, RBC lowered its valuation for Tesla's humanoid robotics business by about 40% after reducing its expected U.S. market share. It also trimmed the value of Tesla's energy storage segment by roughly 30%, pointing to a lower long-term market forecast and rising competitive pressure.