Analysts note Tesla Q1 margins beat expectations but warn rising capex and slower AI/robotaxi rollout as key risks.
Goldman Sachs maintains Neutral rating with $375 target; expects FSD subscriptions up 51% YoY and free cash flow negative 2026‑27, positive 2028.
Barclays, Morgan Stanley and Jefferies highlight need for robotaxi scaling proof, Optimus production start July‑Aug, and higher cash burn limiting near‑term upside.