Baird sees ‘turning point’ for bearish Tesla sentiment

Baird analyst Ben Kallo keeps an Outperform rating on Tesla with a $280 price target following last night’s Q1 report. The results were in line with consensus and more importantly, Tesla provided updates on several initiatives including full sell-driving rollout, cost reductions, Tesla Energy, and others, the analyst tells investors in a research note. Elon Musk noted that a potential licensing deal for FSD with a partner may be announced before the end of 2024, which is a potential catalyst for shares, says Baird. The company also pulled forward the timeline for producing its new vehicle lineup which is now before the second half of 2025, the firm notes. It views the announcements as positives and sees this as a “turning point for previously bearish sentiment.”