Jefferies maintains Hold on Tesla, raising price target to $350 from $300 ahead of Q1 earnings.
Analysts forecast Q1 revenue $21.2 bn, up 10% YoY, operating margin below 3%, and cash burn about $1.9 bn.
Projected 2026 free cash flow negative $5.5 bn with annual capex of $19‑20 bn, highlighting funding pressures.
Robotaxi rollout seen as uncertain, targeting 25‑50% US market by year‑end, with no revenue expected before 2027.