Baird downgraded Tesla's rating to neutral, with a price target of $320

Investment bank Baird, which rates Tesla (TSLA. O) from overweight to neutral with a price target of $320, noted that despite a weak quarter, Tesla was up 24% (13% for the S & P 500), in part due to excitement about the upcoming launch of the affordable car and Robotaxi in June. We think Musk is overly optimistic about the launch of the Robotaxi, and a lot of the hype has been digested. His relationship with Trump has also added to the uncertainty. Tesla remains a strong option in the long run, but we remain on the sidelines for now.