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Baird upgraded Tesla's rating from "neutral" to "outperforming the market" and pointed out that the electric car manufacturer is increasingly seen as a leader in the field of physical artificial intelligence. Tesla's stock price rose 1.2% in premarket trading. Baird analyst Ben Kallo said, "After several quarters of poor performance, Tesla's stock price has remained relatively flat, and investors are increasingly focused on its long-term plans. This makes us believe that market attention on Tesla (TSLA) is increasingly shifting towards the future." Kallo stated that he had previously underestimated the forward-looking value of Tesla's core car business. Elon Musk's proposed compensation plan is based on ambitious goals for product launches and market value. The target price (PT) is set at $548, implying a 31% increase from the previous trading day's closing price.