On April 9, GLJ Research analyst Gordon Johnson reiterated a Sell rating on Tesla Inc. (TSLA) and maintained his $25.28 price target.
Johnson’s main argument is that Tesla’s share price has been inflated for six years not primarily by fundamentals, but by heavy retail call buying that pushed dealers into gamma hedging. As a result, the dealers were forced to buy Tesla stock to offset their exposure, which drove the stock price much higher. Analysts describe this pattern as a gamma squeeze.
In 2026, analyst Gordon Johnson argued that Tesla’s stock is no longer being boosted by retail options trading. He pointed out that the put‑to‑call ratio has barely dropped below 0.60 this year, unlike in past years when such moves often triggered gains through dealer hedging. Tesla’s call option activity has also fallen behind the broader S&P 500 every session in 2026, showing weaker investor appetite. Johnson believes this means Tesla’s valuation will now shift away from options‑driven momentum and back toward its actual business fundamentals.
Tesla Inc. is an electric vehicle and clean energy company. It designs and manufactures battery-based energy storage systems for residential, commercial, and utility-scale applications. Its energy storage products include the Powerwall for homes, the Powerpack for commercial use, and the Megapack for large-scale grid projects, all of which store electricity for later use and support grid stability.
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