Friday 05 June 2026 08:52 EDT Bookmark Support Now From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference. Read more J.P. Morgan has upgraded Elon Musk-led Tesla to "neutral" from "underweight," citing a significant shift in how the electric vehicle manufacturer's valuation is now perceived. The investment bank noted Friday that Tesla's market worth is increasingly driven by its ambitious push into autonomous driving and robotics, rather than near-term earnings. This more optimistic outlook for Tesla comes as Musk actively pursues expansion across multiple technology ventures, including plans to take SpaceX public. open image in gallery A Tesla Optimus robot is displayed on Santa Monica Blvd in the Hollywood neighborhood Los Angeles, California on 21 July, 2025 (AFP/Getty) Investors are now looking beyond Tesla's slowing core electric-vehicle business, focusing on future growth opportunities such as robotaxis, humanoid robots, AI chips, and software services, which the brokerage believes could reshape the company's earnings profile over the next decade. J.P. Morgan analyst Rajat Gupta highlighted Tesla's unparalleled vertical integration across hardware and software, stating: "We believe this aspect is still somewhat under-appreciated and misunderstood, but for the sheer starting-point advantage it brings." Reflecting its renewed optimism, J.P. Morgan raised its price target on Tesla shares to $475 from $145. open image in gallery Jamie Dimon, Chairman and Chief Executive officer (CEO) of JPMorgan Chase & Co. (JPM) speaks to the Economic Club of New York (Reuters) The bank expects earnings per share (EPS) to inflect sharply after 2028, reaching approximately $7.50 by 2030, while revenue is projected to more than double to around $203 billion. Nearly half of that revenue is expected to come from services and emerging autonomy and robotics businesses. open image in gallery