North America Equity Research 11 October 2024 J P M O R G A N Tesla Inc See Substantial Risk of Multiple Compression After Big TSLA Rally into Underwhelming Robotaxi Day Came Despite Deteriorating Fundamentals, Suggesting Unmet Investor Expectations Something caused Tesla shares to rise +68% from their 52-week low of $142.05 on April 22 to close yesterday at$238.77 ahead of the company's much heralded Robotaxi Day – and it sure wasn't the outlook for Tesla vehicle sales, earnings, or cash flow (all of whic ...