Baird: Tesla rating downgraded to neutral, Musk's relationship with Trump adds uncertainty

Odaily News Investment bank Baird upgraded Tesla (TSLA.O) from overweight to neutral with a target price of $320, noting that despite a weak quarter, Tesla is still up 24% (the S&P 500 is 13%), partly due to excitement about the affordable car and Robotaxi that will be launched in June. We think Musk is too optimistic about the launch of Robotaxi, and a lot of the hype has been digested. His relationship with Trump also adds uncertainty. Tesla remains a strong choice in the long run, but we are still on the sidelines for now. (Jinshi)