TSLA - STIFEL RAISES TESLA PRICE TARGET ON FASTER FSD AND ROBOTAXI PROGRESS Stifel boosted its Tesla price target to 508 from 483 and kept a Buy rating, citing stronger-than-expected progress in FSD and robotaxi development—key drivers of long-term value. The firm also raised its EBITDA forecasts to 14.9B for 2025, 19.5B for 2026, and 20.6B for 2027, while noting possible near-term auto sales headwinds after the U.S. EV tax credit expires. Stifel’s new target reflects: ❖ 20–25× 2026 EBITDA for the core business (134/share) ❖ 75% of FSD value (186/share) ❖ 75% of robotaxi upside (158/share) ❖ 50% of Optimus upside (29/share)