investment bank Baird has downgraded Tesla (TSLA.O) from Outperform to Neutral with a target price of $320. The bank pointed out that despite Tesla's weak quarterly performance, it still rose by 24% (compared to 13% for the S&P 500), partly due to excitement about the affordable car and Robotaxi set to launch in June. We believe Musk is too optimistic about the launch of Robotaxi, and much of the hype has already been priced in. His relationship with Trump also adds uncertainty. In the long term, Tesla remains a strong choice, but we are currently adopting a wait-and-see approach.