Tesla still ‘Best Idea’ for 2023 - Baird
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Baird analyst Ben Kallo still sees Tesla (NASDAQ:TSLA) as a âBest Ideaâ stock in 2023 despite a steep drop for shares to close 2022.
Kallo reiterated a Buy-equivalent rating on Wednesday and argued the company is still positioned to capitalize on still-growing EV demand. Further, the companyâs long term trajectory and the potential for alternative levers of growth like vehicle leasing and Tesla Energy allow for long-term bullishness despite worries of near-term demand pressure, particularly in China.
To be sure, that near term pressure still caused Kallo to cut his price target significantly. He took his target on the stock to $252 from $316.
"We are lowering estimates to be conservative due to recent comments on outlook by Musk and potential for weakening of demand,â he explained. 
Tesla (TSLA) stock rose 2.04% as nearly 6M shares changed hands in premarket hours.
Read more on planned production cuts in Shanghai.