Investors should be wary of Tesla ‘s post-earnings rally, JPMorgan said. The electric vehicle maker reported adjusted earnings per share of 72 cents, topping the expectation of 58 cents from analysts polled by LSEG. However, the firm’s $25.18 billion in revenue missed the consensus forecast of $25.37 billion. Still, the earnings beat appeared to be enough to send shares nearly 16% higher Thursday, making it the best performer in the Nasdaq 100 as the trading day kicked off. Yet JPMorgan analyst Ryan Brinkman has some qualms. While Brinkman said investors are likely excited about what he described as a “rare” earnings beat from Tesla, the analyst said the catalysts for it do not seem like long-term tailwinds. “We … see several potentially unsustainable drivers of 3Q’s better earnings and cash flow performance,” he said, pointing specifically to the high sales of 100% margin regulatory credits and unusually large working capital benefits. Brinkman, who has an underweight rating, expects pain ahead for the shares. While the analyst lifted his price target by $5 to $135, that still suggests the stock can tumble nearly 37%. Thursday’s advance marks a reprieve amid a rough period for the stock. Shares have slid about 14% in 2024, giving up some gains after more than doubling in the prior year.