Baird Maintains Tesla’s ‘Outperform’ Rating

Baird analyst Ben Kallo reiterated on October 23, 2025, an ‘Outperform’ rating and $548 price target on Tesla.

“TSLA reported Q3 results which beat us/consensus on the top line and missed on EPS.

Record vehicle deliveries and energy deployments in the quarter were accompanied by positive auto margins sequentially and record energy margins.

Energy demand is particularly high given grid constraints in several regions and a rapid build-out of infrastructure.

We expect this piece of the business to capture more attention in the remainder of 2025 and moving into 2026 with the tipping points for longer-term initiatives (Optimus, robotaxi, etc.) more opaque.”

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