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Baird: Tesla Shares Are About to Move Even Higher

It's not too late to hitch a ride
Elon Musk, chairman and chief executive officer of Tesla Motors, stands with a row of Tesla electric vehicles following the opening bell ceremony at the Nasdaq Marketsite in New York, U.S.

Elon Musk, chairman and chief executive officer of Tesla Motors, stands with a row of Tesla electric vehicles following the opening bell ceremony at the Nasdaq Marketsite in New York, U.S.

Daniel Acker/Bloomberg *** Local Caption *** Elon Musk

Tesla shares have seen a pretty good run up in 2015 after struggling towards the end of last year. Shares are now up 12 percent year-to-date while the Nasdaq is higher by about 7 percent and S&P 500 is up less than 2 percent. This has caused some on Wall Street to ask if the trend can continue, and Baird says it can. 

While firms like CLSA have been more skeptical, Baird reiterated its outperform rating and boosted its price target to $335 from $275 leading up to Tesla's shareholder meeting tomorrow. In a note out this morning, the team of analysts led by Ben Kallo think there's still time to buy shares before another leg higher. The firm sees ongoing skepticism regarding key products as a reason there's still value in the shares.