Baird cuts Tesla target, names ‘Bearish Fresh Pick’

Baird lowered the firm’s price target on Tesla (TSLA) to $370 from $440 and keeps an Outperform rating on the shares. Based on the weak intra-quarter sales data from Europe, the U.S., and China, there is risk to Tesla’s consensus Q1 delivery estimate of 437,500, the analyst tells investors in a research note. The firm says production downtime associated with the Model Y refresh “complicates the supply-side of the equation while at the same time, Musk’s involvement with the Trump administration adds uncertainty to the demand-side.”