UBS upgraded Tesla (TSLA) to Neutral from Sell, keeping price target at $352 despite a 21% stock decline in 2026.
Analyst Joseph Spak cites weaker EV demand, energy shortfall, rising costs and slow robo‑taxi/Optimus progress as near‑term challenges.
UBS forecasts 1.6 million 2026 deliveries, flat YoY, growing 7% CAGR to ~2 million by 2030, below consensus 3 million.
Robo‑taxi expected in nine cities by H1 2026 but scaling limited; Optimus production projected at 5,000 units in 2027 and 30,000 by 2030.