Tesla, Inc. is upgraded from Sell to Hold ahead of Q3 earnings, reflecting high risks but potential narrative catalysts. TSLA's Q2 2026 saw strong revenue growth (+25.5% YoY) but a deep EPS miss and negative free cash flow due to heavy capex. Automotive gross margin compression, persistent underdelivery on key promises, and expensive valuation (FY27 P/S 11.5x) keep me cautious.
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