Baird downgrades Tesla to 'neutral' on Musk's political activities; shares slip

Tesla TSLA.O shares slip 1.6% premarket to $290.21

Baird cuts TSLA rating to 'neutral'

Brokerage says they think Elon Musk's statements about robotaxi ramp rate are too optimistic and his ties with President Donald Trump add "considerable uncertainty"

Baird adds that the recent incident between Musk and Trump exemplifies key risk associated with Musk's political views

The two former allies got into a social media feud last week, causing TSLA to lose $150 billion in value before clawing back losses

While questions remain regarding robotaxi launch magnitude and ramp-up, impact on brand related to Musk's politics and Optimus ramp timeline, we see stock as core holding long-term - brokerage

As of last close, TSLA down 26.9% YTD