Baird analysts reiterated their Outperform rating and a $280 price target on Tesla (NASDAQ:TSLA) stock ahead of the company's Q2 deliveries report on July 2.

The analysts expect deliveries to be below current consensus estimates. However, they noted that investor focus is shifting toward longer-term developments, particularly the upcoming Robotaxi unveiling event on August 8. While Q2 delivery numbers remain significant, the immediate emphasis on these figures is less intense compared to Q1.

The analysts continue to recommend buying Tesla shares following the Q2 delivery report, viewing the company as a core holding in investment portfolios.