Tesla: Too Big To Fail, Too Expensive To Justify - Reiterate Sell

Tesla, Inc.'s growing EV backlog amid elevated fuel prices and expanding, high-margin FSD adoption underscore TSLA's near-term thesis. As the CEO feeds the Tesla - SpaceX merger exuberance, the two entities' estimated 2026 Price/Sales of 22.19x is expensive compared to NVDA (12.37x), AAPL (10.63x), and AMZN (3.23x). Regulatory/execution merger risks loom large, with a spin-off of TSLA's Chinese operations and a premium buyout price in cash/stock being likely outcomes.