Baird ups Tesla target, says Musk may want 'superstructure' of businesses

Baird analyst Ben Kallo raised the firm's price target on Tesla to $728 from $488 and reiterates an Outperform rating on the shares ahead of the company's Q4 results on Wednesday. The stock in premarket trading is up 1% to $856.00. After breaking ground on factories in Berlin and Austin, launching Shanghai operations in earnest and keeping promises of selling 500,000 cars in 2020, Tesla is entering the next stage of its evolution, Kallo tells investors in a research note. CEO Elon Musk "may be interested in proposing to combine his business interests into one superstructure," speculates the analyst. Kallo believes bias for the stock remains to the upside in the near term.