Tesla is undergoing a thesis-changing shift, one that could push the stock towards a potentially painful transition in ownership base, according to Deutsche Bank in a research note. Tesla’s high likelihood of pushing out its Model 2 will create significant earnings and free-cash-flow pressure on estimates in 2026 and beyond, say the analysts. This ties Tesla’s future to cracking the code on full driverless autonomy with its Robotaxi, “which represents significant technological, regulatory and operational challenges,” the analyst says. They think certain investors who focus on Tesla’s volume and cost advantage may potentially throw in the towel and be replaced by AI/tech investors with longer time horizons. Deutsche Bank downgrades Tesla to hold and cuts the price target to $123 from $189. Shares fall 3% to $150.76 in early trading.