Baird Lowers Tesla’s Price Target to $522

Baird analyst Ben Kallo lowered the price target on Tesla (NASDAQ: TSLA) to $522.00 (from $538.00) while maintaining a Outperform rating.

“No change in outlook. Like Q4, the Q1 call was also much more focused than quarterly calls have been historically.

Our takeaway from this is that Musk is laser focused on the laundry list of TSLA’s projects combined with the upcoming SpaceX IPO.

We view TSLA as a core holding in the long term, and think the projects it is executing on this year will bring growth back to the company.

In the very short term, we think the stock is likely linked to SpaceX IPO and potential merger rumors.”

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