分析师们正迅速对这家电动汽车制造商的股票变得更加看涨，因为长期期待的与SpaceX的合并正逐渐接近现实。
Inc. analysts are rapidly turning more bullish on the electric carmaker’s stock as a long awaited combination with SpaceX edges closer to reality.
该股票的看跌评级比例已降至11年多来的最低点。法国巴黎银行（BNP Paribas）和中金国际（CLSA）的分析师上周放弃了其卖出等同的建议，分别将评级上调至中性和持有。巴克莱（Barclays）周一跟进，将该股票从持有上调至买入等同。
The share of bearish calls on the stock has sunk to the lowest in more than 11 years. Analysts at BNP Paribas and CLSA ditched their sell-equivalent recommendations last week, raising their ratings to neutral and hold, respectively. Barclays followed on Monday, lifting the stock to a buy equivalent from hold.
巴克莱分析师丹·利维（Dan Levy）在周一的报告中写道：“预期的合并现在已成为特斯拉看涨论据的关键部分，因为它为股票提供了上行潜力。”
“The anticipated merger is now a key part of the Tesla bull case, as it provides upside potential to the stock,” Barclays analyst Dan Levy wrote in a Monday note.
合并狂热在周二晚间达到高潮，此前埃隆·马斯克（Elon Musk）表示，特斯拉和SpaceX的董事会已成立特别委员会，以研究交易的利益。自SpaceX于6月上市以来，华尔街一直关注马斯克旗下两大公司潜在的联手。
Merger mania crested Tuesday evening after Elon Musk said Tesla and SpaceX’s boards formed special committees to study the benefits of a deal. Wall Street has been focused on the potential for a tie-up between Musk’s largest firms since before SpaceX went public in June.
法国巴黎银行的詹姆斯·皮卡里洛（James Picariello）在报告中表示，尽管他仍对特斯拉的现金消耗及其在人工智能方面的进展速度保持谨慎，但潜在的联手现在已成为一个“压倒性的估值担忧”。皮卡里洛将目标价从266美元上调至420美元，“完全”反映了SpaceX收购特斯拉的可能性增加。
The potential tie-up is now an “overriding valuation concern” BNP’s James Picariello said in a note, despite his ongoing caution toward Tesla’s cash burn and the pace of its progress with AI. Picariello boosted his PT to $420 from $266 “exclusively” reflecting the higher possibility of SpaceX acquiring Tesla.
扎克斯投资研究（Zacks Investment Research）策略师安德鲁·罗科（Andrew Rocco）在报告中写道：“如果合并要获批，两家公司的独立特别委员会将需要谈判一份讲得通的交易。”“假设溢价25%，特斯拉股票价值将在500美元左右。”彭博追踪的60位分析师中，仅有5位建议卖出特斯拉股票——标志着看跌评级比例降至2015年初以来的最低点。数据显示，1月1日时，71位分析师中有15位给出卖出评级。
“If a merger is to be approved, the independent special committees for both companies will need to negotiate a deal that makes sense,” Andrew Rocco, strategist at Zacks Investment Research, wrote in a note. “Assuming a 25% premium, Tesla shares would be worth around $500.”Only five out of 60 analysts tracked by Bloomberg recommend selling Tesla shares — marking the lowest percentage of bearish calls since early 2015. That compares to 15 sell ratings out of 71 analysts back on Jan. 1, data showed.
即使今年卖出评级的比例已大幅下降，买入评级却相对保持稳定。与此同时，特斯拉股价今年以来下跌了12%，而标普500指数上涨了12%。特斯拉股价周一上涨6.0%。
Even as the proportion of sell ratings has dwindled this year, bullish calls have remained relatively steady. Tesla shares, meanwhile, have dropped 12% year-to-date while the S&P 500 Inc. jumped 12%. Tesla shares rose 6.0% on Monday.
特斯拉目标宏大，但过往的执行记录却屡有延迟，这让投资者和分析师不确定其人工智能计划何时能见成效、甚至能否见效。即便没有合并，特斯拉的业务也已处于转折点，因为马斯克正试图将公司从一家电动汽车制造商转型为以自动驾驶出租车和机器人助手为代表的实体人工智能先锋。
Tesla has ambitious goals but a track record of late execution, leaving investors and analysts uncertain about when and if its AI plans will pay off. Even without the merger, Tesla’s business has been at an inflection point as Musk attempts to transform the company from an EV manufacturer to a vanguard of physical AI with self-driving robotaxis and robot assistants.
同样正在大举进军人工智能的SpaceX今年早些时候已将马斯克的xAI收入麾下，并且已经在与特斯拉就Terafab芯片制造项目以及反重力Roadster等特殊工程产品展开合作。若两者合并，可能在马斯克手中缔造一个市值3.6万亿美元的人工智能巨头。
SpaceX, which is also charging into AI, subsumed Musk’s xAI earlier this year and is already collaborating with Tesla on the Terafab chip manufacturer project and special engineering products like the gravity-defying Roadster. A combination could create a $3.6 trillion AI conglomerate under Musk’s hand.
上周，特斯拉公布的第三季度利润超出预期，但由于下调了2026年的年度支出预测，其股价出现波动，投资者质疑公司投入的现金是否足以实现其目标。
Last week, Tesla reported third-quarter profit that topped expectations, but its stock wavered on a lowered annual spending forecast for 2026 as investors questioned whether the company is spending enough cash to reach its goals.
不过，巴克莱分析师利维表示，这份财报带来了“若干能够支撑股价走强的关键利好”，他指的是特斯拉的核心汽车业务和自动驾驶出租车业务板块。
Still, Barclays analyst Levy said that the report delivered “a number of key positives that can support strength for the stock,” referring to Tesla’s core car business and robotaxi segment.