Sell ratings on Tesla have fallen to 13.1% of 61 analyst recommendations, the lowest proportion since April 2023 and down from 23.3% in January 2026. TipRanks data show Sell ratings declining from five in May to one in both August and September, while Hold ratings rose from 34 to 44 over the same period. The shift does not necessarily indicate growing bullishness: Tesla shares are down 21% this year, its core electric-vehicle business remains under pressure, and analysts are still seeking evidence that robotaxis, humanoid robots and artificial intelligence can generate meaningful revenue. JPMorgan analyst Rajat Gupta cut his third-quarter delivery forecast to 482,000 vehicles from 516,000 and lowered his price target to $415 from $445 while retaining a Neutral rating. JPMorgan expects 1.78 million vehicles in fiscal 2027. Investors are watching deliveries, gross margins, robotaxi commercialization, Optimus and whether Tesla can convert its technology initiatives into profits.