Tesla underwhelmed Wall Street with its latest financial results , leading some analysts to lower their price targets on shares, even after the electric vehicle maker made progress toward milestones that could set the stage for its stock to rally in the future. The Elon Musk-led company posted adjusted earnings of 33 cents per share for the second quarter – a figure that came in well below the 51 cents per share expected by analysts polled by LSEG. However, revenue came in at $28.24 billion, or above analysts' consensus estimate of $25.71, during the same period. Another bright spot was the performance of the core automotive segment. It generated $20.52 billion in revenue in the second quarter, up 23% from a year ago. Tesla delivered a record 480,126 vehicles during the period, marking an increase of 25% on a year-over-year basis, and well above consensus on Wall Street. Shares of Tesla were last down nearly 10%. TSLA YTD mountain TSLA year to date That wasn't enough for some Wall Street firms, who ended up lowering their price targets on the stock, including JPMorgan and Mizuho. Tesla has fallen 25% year to date as investors have expressed concerns over its outsized capital expenditures to fund the build-out of physical AI products and services such as its Cybercab taxis and humanoid robot Optimus. However, those initiatives are showing signs of gaining traction, with Tesla's fleet of autonomous cabs having traveled 380,000 unsupervised miles, executives told investors on Wednesday. Here's what shops on the Street are saying about Tesla: JPMorgan: neutral, $445 Rajat Gupta, an analyst, lowered his price target on the stock from $475 per share. His updated target is 19% above Tesla's closing price on Wednesday. "Net-net, we believe TSLA shares are likely to remain range-bound near-term as forward estimate revisions continue to find a bottom as investments ramp, though we continue to see downside support as broader robotaxi rollout nears, Cybercab production ramps, and automotive volume shows signs of sustained re-acceleration, keeping the eventual [earnings per share] inflection and…[sum-of-the-parts] unlock potential intact." Mizuho: outperform, $450 Analyst Vijay Rakesh's price target, lowered from $480, implies 20% upside from Wednesday's close. "We see TSLA well-positioned leading physical AI with Cybercab...traction and humanoid robotics longer term…regulatory tailwinds [are likely to be] favorable despite near-term challenges from EU tariffs/US tax credit repeals, but less of a headwind for TSLA relative to peers." Piper Sandler: overweight, $500 Tesla could trade at $500, or nearly 34% above its closing price on Wednesday, per analyst Alexander Potter. "While these long-term indicators are trending favorably, we're not surprised by the after-hours weakness. To break out of its current range, we think TSLA will need to disprove doubts re: Optimus and Cybercab (especially Optimus, which we think is valued at $0/share). We're still believers, but admittedly, catalyst timing is difficult to predict." Stifel: buy, $508 Analyst Stephen Gengaro has a $508 price target on shares, which is 36% higher than the price at which the stock settled on Wednesday. "We believe 2Q26 results and commentary are modestly negative for the shares, with a revenue beat offset by meaningful margin compression, adjusted EBITDA miss versus consensus, and sharp step-up in capital spending that turned free cash flow negative." Evercore ISI: In line, $300 "Historically, we more or less knew what the next SHINY near-term object of focus for investors might be…FSD penetration, AV beta demos, Optimus SoP, & more recently Terafab (SPCX/AI). Now, it's quite unclear what SECULAR driver investors are focusing on for the near-term." RBC: outperform, $500 "Perhaps more importantly for Tesla shareholders, robotaxis are rolling out on schedule with deployment in the SF Bay Area (safety driver), Austin, Dallas, Houston, Miami, Orlando, and Tampa all Unsupervised, and preparations underway in Phoenix and Las Vegas. Further, Cybercab production is underway at Gigafactory Texas."