Baird upgraded Tesla (TSLA) to Outperform from Neutral with a price target of $548, up from $320. While the company’s car volumes will likely decline again in 2025 and near-term fundamentals “will be choppy,” the shares will outperform as Tesla is increasingly viewed as the leader in physical artificial intelligence, the analyst tells investors in a research note. The firm points out that Elon Musk’s new pay package is intended to incentivize him for the coming decade. Baird’s minimum- and bull-scenario analysis translate to a 2035 share price of $1,400 and $3,000, respectively, after accounting for dilution from Musk’s additional shares. The firm sees several potential share catalysts ahead, including the next generation of Optimus reveal, additional bots, entering new markets for robotaxi service, and shareholder approval of Musk’s pay package.
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