Baird hosted investors for a tour of Tesla’s (TSLA) battery manufacturing line at the Texas gigafactory and a meeting with the IR team and came away with higher conviction in both its near-term bearish outlook and long-term positive view. While lowering delivery estimates for both Q1 and Q2 and adjusting the firm’s full-year delivery mix to reflect the impacts of downtime for the Model Y Launch series, the firm calls the Model Y retool “a big task.” Baird maintains its “bearish fresh pick” designation on Tesla shares and keeps an Outperform rating and $370 price target on the stock.
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