Tesla's third-quarter earnings report showed a gross margin of 19.6%, exceeding market expectations. However, high operating expenses led to an EBIT of only $718 million, falling short of Goldman Sachs and Morgan Stanley's forecasts. Consequently, Goldman Sachs lowered its EPS projections for 2026-2027, while maintaining a Neutral rating and a $360 price target for Tesla. Morgan Stanley and JPMorgan Chase also maintained Neutral ratings, believing the valuation is already fully priced in. Highlights from the report include FSD adoption in new vehicles rising to over 75%, Robotaxi cumulative mileage reaching 3.1 million miles, and the energy storage business's gross margin increasing to 33.1% with record backorders. Musk confirmed that Optimus is in mass production at the Fremont factory, but the target production for the next 12 months is 10,000 to 20,000 units, with commercial sales pushed back to late 2027.