Baird has adjusted its price target for Tesla Inc. (NASDAQ: TSLA) to $522, down from $538, while maintaining an Outperform rating. This change comes amidst a broader analyst range of $125 to $600, indicating differing views on Tesla's valuation. The company currently trades at $387.51 with a market cap of $1.45 trillion. Baird noted that Tesla's recent first-quarter earnings call was more focused than usual, aligning with CEO Elon Musk's emphasis on the company's project pipeline and the upcoming SpaceX initial public offering. Tesla reported first-quarter revenue of $22.4 billion and earnings per share of $0.41, exceeding analysts' expectations. The automotive gross margin, excluding credits, improved to 19.2%, aided by tariff relief and warranty writedowns. Additionally, Tesla plans to hire 1,000 employees at its German gigafactory to boost Model Y production by 20% due to rising demand. The company is also set to acquire an AI hardware firm for up to $2 billion in stock, contingent on performance milestones. Other analysts, such as Mizuho and Truist Securities, have set their price targets at $480 and $400, respectively, reflecting concerns about demand and Tesla's shift towards artificial intelligence.