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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →On March 18, 2025, RBC Capital Markets analyst Tom Narayan cut his Tesla price target by $120, to $320, but kept an Outperform rating. Forbes reported that Tesla shares fell 5% to $225.31 that Tuesday, after another 5% decline on Monday. RBC cited intensifying competition in China and reduced its valuation for Tesla’s full self-driving and robotaxi businesses; those were not the only pressures discussed in the contemporaneous coverage.
What did RBC change?
Forbes reported on March 18, 2025, that Narayan lowered RBC Capital Markets’ Tesla price target by $120, from $440 to $320, while retaining an Outperform rating. The target reduction and rating are separate parts of the call: RBC lowered its stated valuation but continued to rate the stock positively.
The $320 figure is a historical target from that March 2025 report, not a current RBC forecast. A later, separate RBC report also put the target at $320, but described a cut from $440 under a different report and assumptions. Do not conflate the two actions.
Why did RBC lower the target?
Competition in China
Forbes said Narayan pointed to intensifying competition in China. The article reported that China accounted for 21% of Tesla’s 2024 sales and that RBC expected Tesla’s share of the Chinese market to fall by half, to 10%. That 10% figure was an RBC forecast reported by Forbes, not an observed outcome established by the article.
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A lower autonomy and robotaxi valuation
Forbes reported that RBC cut its valuation for Tesla’s full self-driving and robotaxi units from $1.26 trillion to about $850 billion. The coverage does not provide the underlying model, forecast horizon or detailed assumptions, so those figures should be understood as reported components of RBC’s valuation rather than independently verifiable estimates.
Why did Tesla shares fall again?
Forbes reported a 5% decline to $225.31 on Tuesday, March 18, following a 5% fall the previous Monday. The article also described broader analyst concerns, including worries about sales, alongside RBC’s target change. The timing does not establish that RBC’s report alone caused either daily move.
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These prices are historical session figures from the 2025 coverage, not current trading information. A price target is an analyst’s estimate, not a guarantee of what a share will trade at or a measure of the stock’s present value.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the report does—and does not—establish
- Established in Forbes’s account: Narayan’s $120 reduction to a $320 target, the retained Outperform rating, the reported China rationale and the lower autonomy/robotaxi valuation.
- Not supplied in the coverage: RBC’s full valuation model, detailed assumptions, forecast horizon or a complete verbatim statement from Narayan.
Forbes paraphrased the China rationale but did not provide a complete, attributable analyst quotation. Its phrase “rightsizing expectations” should not be treated as a full direct quote from Narayan.
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Sources
- Forbes: March 18, 2025 coverage of Tesla’s decline and RBC’s target change
- Forbes: separate later report describing another $320 target, cut from $440
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
