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UBS released a report indicating that the bank's valuation of Tesla's autonomous taxi is $350 billion, or $99 per share, assuming success in technology, execution, and regulation. This valuation is higher than the bank's previous valuation of $225 billion, or $64 per share. UBS believes there is a significant gap between the valuation of Tesla's core traditional automotive business and energy business, at $25 and $19 per share respectively, and their market valuation, which is around $630 billion, or approximately $180 per share. The bank has given Tesla a valuation of $250 billion, including an unspecified premium for humanoid robots, as the average of premiums over two years. The target price has been raised from $190 to $215 per share, maintaining a "sell" rating. UBS also notes that there is high investor interest in the business opportunities related to Tesla's introduction of autonomous taxis in Austin, Texas. If everything goes according to plan, the potential for significant fleet scale by 2040 is estimated at 2.3 million vehicles and around $200 billion in revenue. While Tesla seems poised to benefit, the bank believes that the stock price already reflects this.