$Tesla Motors(TSLA)$ Baird has a lot of expectations for Tesla: the firm remains bullish long-term, and the price target reduction is a slight re-rating reflecting near-term caution. Over the long term, Baird expects Tesla's current pipeline—autonomy, robotaxi, Optimus, and energy—to restore growth over time. Baird highlighted that Elon Musk appears increasingly focused on Tesla's project pipeline and the upcoming SpaceX IPO, and the firm sees the stock as tied to that event and related merger speculation in the short run.
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