Baird Reaffirms Tesla’s $548 Price Target

Baird analyst Ben Kallo reiterated on January 29, 2026, an ‘Outperform’ rating and $548 price target on Tesla.

“The call was highlighted by a doubling of capex outlook for 2026 y/y to over $20B.

Importantly, they signaled an elevated level for the intermediate term, as it builds out the physical AI value chain.

Not included in these plans are potential investments in solar and chip fabs which Musk described as critical for TSLA’s supply chain security, particularly in a scenario of further geopolitical conflict.

These ambitions mark the beginning of a new chapter for TSLA which we view positively.”

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