Baird Cautious On Tesla Ahead of First Quarter Earnings

Baird sees an uneventful first quarter ahead for Tesla Motors (NASDAQ: TSLA), which has analyst Ben Kallo “more cautious.”

The recent pullback in the stock is “largely” the market pricing in weak first quarter results due out May 21, according to the analyst.

Kallo believes Tesla is “well positioned” to report positive results in the second, third and fourth quarters. The analyst remains bullish long-term due to several catalysts.

Kallo reiterated his Outperform rating and $275 price target for the stock.

Shares of Tesla are down 2.8 percent to $206.19 in Monday's trading.