Barclays Holds the Line on Tesla After Capex Shock: Is the Robotaxi Story Worth the Spend?

4 weeks ago 24

David Moadel

Thu, April 23, 2026 astatine 11:13 AM CDT 4 min read

Tesla (TSLA) raised superior spending guidance to $25B from $20B and reported Q1 gross of $22.39B (up 16% twelvemonth implicit year) with non-GAAP EPS of $0.41, beating the $0.36 consensus, but progressive FSD subscriptions grew 51% to 1.28M amid uncertainty implicit whether the installed hardware basal tin monetize autonomy features.
Barclays maintained an Equal Weight standing and $360 terms people connected Tesla stock, citing unresolved questions astir Robotaxi scaling and outdated hardware arsenic headwinds to afloat self-driving instrumentality rates, signaling Wall Street wants factual impervious earlier the $25B capex committedness pays off.
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Barclays held its Equal Weight standing connected Tesla (NASDAQ:TSLA) banal with a $360 terms people pursuing the company's first-quarter report. The telephone reflects a wide tension: Tesla CEO Elon Musk is asking investors to money a materially larger spending committedness portion Robotaxi scaling and autonomy hardware questions stay unresolved. For retirement-focused investors, the unchanged standing signals that Wall Street wants factual proof.

Tesla banal is down 2% to 3% contiguous aft the print, adjacent though Tesla bushed connected the bottommost line. The absorption underscores that investors are focused connected the capex surge alternatively than the net beat.

Ticker

Company

Firm

Action

Old Rating

New Rating

Old Target

New Target

TSLA	Tesla	Barclays	Reiterated	Equal Weight	Equal Weight	$360	$360

Barclays' cardinal interest is the capex jump. Tesla lifted its superior spending guidance to $25 cardinal from $20 billion, with unfastened questions remaining connected Terafab and star spend. That's a meaningful escalation without a matching near-term gross catalyst tied to the investment.

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The steadfast besides wants impervious points connected Robotaxi scaling earlier turning constructive. Barclays flagged that portion Full Self-Driving penetration is increasing, with approvals expected successful China and Europe, Tesla's "outdated hardware" whitethorn beryllium a headwind to instrumentality rates. That's the crux of the neutral stance: the bundle communicative is advancing, yet the installed hardware basal whitethorn headdress however overmuch of the fleet tin really monetize autonomy.

Tesla reported Q1 2026 gross of $22.39 billion, up 16% twelvemonth implicit year, and non-GAAP EPS of $0.41 versus the $0.36 consensus. Automotive gross borderline expanded to 21% from 16% a twelvemonth ago.

Under the hood, superior expenditures roseate 67% twelvemonth implicit twelvemonth to $2.493 billion, and progressive FSD subscriptions climbed 51% to 1.28 million. Tesla besides launched unsupervised Robotaxi rides successful Dallas and Houston successful April.

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