Tesla’s 2024 proxy statement includes details regarding the potential reincorporation in Texas and Musk’s 2018 pay package, Baird tells investors in a research note. The legal challenge to the incentives deal may create an overhang on shares and Baird expects the final resolution to take several months, but despite this, a vote to re-ratify the pay package would likely be a positive development towards reaching a resolution and potentially crafting a future package, the firm says. Baird made no change to its Outperform rating or $280 price target on Tesla shares.
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