JPMorgan Chase: Tesla's valuation is still unreasonable, with potential for a 65% decline.

Tesla launched its Robotaxi ride-sharing service on June 22, and it is currently operating in a 42-square-mile area in Austin. However, Alphabet's Waymo has been expanding more rapidly in the area. Despite positive test experiences, JPMorgan Chase maintained its "sell" rating on Tesla on July 7 with a target price of $115, implying a 65% downside from the current stock price. They believe that compared to other members of the "tech giants," Tesla's valuation is still unreasonable.