Barclays Raises Tesla Price Target to $450, Citing Merger Potential and Business Growth

Barclays upgraded Tesla from Equal Weight to Overweight on October 26, 2026, and raised its target from $370 to $450. Its case included possible SpaceX deal upside as well as expected auto growth and strong demand for Tesla Energy, though no transaction has been announced.

• Barclays changed its Tesla rating to Overweight and increased its price target by $80, from $370 to $450; the article says the target represents 21% upside from the cited Friday close.· 1 source
• Barclays tied part of its investment case to a possible Tesla–SpaceX combination. The article says special committees were formed at both companies, but no transaction or terms have been announced.· 1 source
• The article reports that Elon Musk said a combination had merit, while also saying that merger certainty would be overstated and that the committees had not agreed on terms.· 1 source
• Barclays expects Tesla’s auto business to grow in 2026 after two years of declines. Its note also describes Tesla Energy as nearly sold out for 2027 and says shipments could grow by more than 50%.· 1 source
• The supplied article reports Tesla shares rose about 6% after the upgrade; two brief snippets separately report gains of 6.1% and 5.34%.· 3 sources