Baird Lowers Tesla Price Target to $320

Baird analyst Ben Kallo lowered the price target on Tesla (NASDAQ: TSLA) to $320 (from $370) while maintaining an Outperform rating.

“Maintaining Outperform rating while acknowledging the challenging backdrop and downside bias near-term.

The re-ramp of the new Model Y, dragging margins, questions regarding brand deterioration (which was poorly addressed on the call), and disruptions to global supply chains for both Automotive and Energy businesses are all near-term headwinds that we expect will weigh on shares.

Looking to the intermediate-term, several catalysts, including the launch of robotaxi operations in Austin, the rollout of a new vehicle, and updates on the progress of Optimus (including higher volume production), could drive shares meaningfully higher.”

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