Baird says that while Tesla’s (TSLA) Q1 deliveries of 336,7000 missed the consensus, they beat the firm’s lowered estimate of 315,400. Factory retooling for the new Model Y across all four factories was a significant factor in the delivery total, notes Baird, which expects the re-ramping of production to impact Q2 to a lesser extent. While additional data points are needed to separate the demand impact from the supply impact, demand narratives related to Elon Musk’s political activities will “continue in the near-term regardless,” the analyst tells investors in a research note. The firm keeps an Outperform rating on Tesla with a $370 price target
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