Morgan Stanley analysts said Tesla's accelerating capital expenditure cycle is a "necessary investment" to maintain its leadership in autonomy and robotics, but investors are increasingly looking for "tangible" milestones from Tesla's robotaxi and Optimus programs. Canaccord analysts echoed that view, saying they want to see meaningful robotaxi deployments over the next six months. Wall Street lowered price targets on Tesla Inc. (TSLA) following its second-quarter (Q2) earnings miss, with analysts arguing that AI investments need to be matched by "tangible" progress. Tesla shares were down more than 12% in Thursday's opening trade, with the stock on track for its worst single-day decline since June 2025. Morgan Stanley lowered its price target to $400 from $417 while maintaining an 'Equal Weight' rating. Canaccord trimmed its price target to $410 from $450 while keeping a 'Buy' rating.