Mizuho raised its price targets on Tesla, Nio, Rivian, and General Motors in a new research note published on Friday.
The Japanese bank cited improving macro trends and tariff policy shifts, while warning that lower U.S. electric vehicle subsidies remain a headwind.
Analyst Vijay Rakesh maintained a Neutral rating on Rivian and Nio, and an Outperform rating on Tesla and GM.
The counry’s third-largest lender said the partial rollback of U.S. tariffs on Chinese goods could support EV parts imports and broader demand, but noted that reduced EV subsidies in the U.S. “are a challenge.”
Despite lifting Rivian’s price target to $13 from $11, Rakesh remains cautious on the stock.
Rivian shares closed at $15.81 on Friday, implying a downside of about 17.7% relative to Mizuho’s new target. The stock has gained 19% year to date and is up over 57% in the past twelve months.
The price target on Nio was raised to $4.00 from $3.50, with a Neutral rating maintained. Nio shares have fallen 6% so far this year and are down 21% over the past twelve months, as the company accelerates cost-cutting measures.
The Shanghai-based EV maker has been reducing headcount and merging positions across the U.S., Europe, and China in recent months in an effort to reduce costs.
Mizuho raised its target on Tesla to $390 from $325 while reiterating an Outperform rating.
The stock has surged 26% in the past seven sessions amid growing investor optimism over the launch of Tesla’s robotaxi rides in Austin next month — a key milestone for its autonomous driving ambitions.
While Tesla shares remain down 13% year to date, they have doubled over the past twelve months, closing just below $350 on Friday.
Rakesh also increased the price target on General Motors to $58 from $53, maintaining an Outperform rating.
