Tesla Strong Margins, FSD Adoption Offset by Optimus Timing Concerns, Oppenheimer Says

12:09 PM EDT, 10/22/2026 (MT Newswires) -- Tesla's (TSLA) lower-than-expected Q3 capital expenditure points to sustainable spending levels, while strong margins and improving full self-driving adoption support the vehicle business, Oppenheimer analysts said in a Thursday note. Analysts said the company delivered strong margins, with automotive gross margin excluding credits reaching 18.1%, above expectations, while revenue was broadly in line with estimates. They also said improving FSD adoption could support software monetization and margin expansion as Tesla increases vertical integration. Oppenheimer said commentary on the timing of Optimus robot production will likely disappoint bullish investors, while limited details on a potential SpaceX (SPCX) merger leave questions about the valuation of such a transaction. The firm expects Tesla shares to be flat to down. Analysts said that while Tesla's four-year-high vehicle backlog is encouraging, battery supply availability remains critical to enabling growth in deliveries and operating cash flow. Oppenheimer has a perform rating on the stock. Price: 383.45, Change: -3.02, Percent Change: -0.78