Gary Black: Some TSLA investors accept aspirational targets to justify extreme valuation metrics

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22.10.2026

Gary Black: Some TSLA investors accept aspirational targets to justify extreme valuation metrics — TSLA investors use targets to justify valuation

Gary Black, Managing Partner and Investor at The Future Fund, described how some TSLA investors are treating aspirational targets presented by Elon Musk and his leadership team on TSLA's earnings call as definitive, using these targets to rationalize extreme valuation metrics such as a 2027 P/E of 175x and a 2027 EV/EBITDA of 73x.

He added that management’s targets are just one element to consider.

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Earlier, Black cited negative earnings revisions and the risk of unsupervised autonomy as reasons behind a more cautious stance on TSLA in a recent note. He also commented on the impact of strong SPCX results, which supported shares of Tesla along with several other tech companies, as reported in another update. Black’s recent comments add to his ongoing assessments of Tesla’s financial outlook.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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