Cantor Fitzgerald has maintained its Overweight rating on Tesla with a $485 price target, about 25% above the stock’s current $386.47, saying it expects a merger with SpaceX to go ahead. Tesla and SpaceX have formed special committees at shareholders’ request to study a combination, and any deal would need about 50% approval from Tesla investors. Tesla shares rose 3.41%, while SpaceX jumped 7.79%. Tesla’s third-quarter revenue came in at $28.0 billion, just under the $28.3 billion forecast, though adjusted earnings of $0.48 per share beat expectations of $0.45. Other brokerages are split. CLSA upgraded Tesla to Hold with a $400 target, UBS set a $425 target and Goldman Sachs stayed Neutral at $360.
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