Shares of Tesla (TSLA) dropped 5.42% on Thursday after the EV maker delivered 358,023 vehicles in Q1, missing Wall Street’s estimate of 370,000. Despite the miss, Wedbush’s five-star-rated analyst Dan Ives maintained his Buy rating and $600 price target on TSLA stock, citing AI push and robotaxi plans as key drivers for 2026. Ives’s price target implies an upside of over 65% from current levels.

For context, this marks the second consecutive quarter in which Tesla has missed analyst expectations. The company also deployed 8.8 GWh (gigawatt-hour) of energy storage during the quarter, falling short of the Street’s 14.4 GWh estimate.

Reacting to the Q1 numbers, Ives said the weak delivery numbers were not a…