Citizens Starts Tesla at Market Perform as Robotaxi Earnings Delayed to 2027

Tesla shares trade near $396 after Citizens initiated coverage with a Market Perform rating, citing that meaningful robotaxi and Optimus revenue remains years away. The stock had already fallen 7% following record Q2 deliveries of 480,126 vehicles that beat consensus by a wide margin. Attention has shifted to July 22 earnings for margin and AI execution details, while RBC raised its price target to $500 on robotics optionality. Tesla also capped employee AI tool spending at $200 per week to control costs amid the ongoing pivot beyond autos.