Baird maintains Tesla as the ‘best pick’ after price reductions.

• In a recent note, Baird reaffirmed its “Outperform” rating and $252.00 price target for Tesla (NASDAQ:TSLA) and maintained the company as their “best pick” following another round of price cuts by the electric vehicle manufacturer.
• The price cuts amount to $1,000 for the Model 3, $2,000 for the Y, and $5,000 for the S/X. Despite these cuts, Baird believes that Tesla will maintain industry-leading operating margins and is in the best position among auto peers to weather economic headwinds. They also believe that speculation of stricter vehicle emission rules will increase electric vehicle adoption, benefiting Tesla, which leads in cell and manufacturing technologies.
• Furthermore, Tesla announced an investment in a Megapack manufacturing facility capable of producing approximately 10,000 units annually or roughly 40 GWh of energy storage. Baird predicts that Tesla’s growing Energy business will continue to gain momentum this quarter due to increasing demand for stationary storage.
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