For the better part of a decade, JPMorgan was one of Tesla’s most reliable institutional bears. Ryan Brinkman, who covered the stock for the bank since 2015, told investors to sell through earnings beats, record highs, and multiple cycles of Wall Street enthusiasm.

His final target of $145, reiterated in April after Tesla’s first-quarter delivery miss, implied roughly 60% downside. Elon Muskreplied to it on X (the former Twitter) with one word: “lol.”

Six weeks later, Brinkman’s replacement published a completely different view. And the number he put on it is not a subtle adjustment.

JPMorgan’s new Tesla analyst upgrades the stock

Rajat Gupta, the JPMorgan analyst who took over Tesla coverage from Brinkman in early…