Just days ahead of fourth-quarter earnings, Baird lifted its price target for Tesla /zigman2/quotes/203558040/composite TSLA -4.84% to $728 per share from $488, saying "bias for the stock remains to the upside," in a note to clients on Monday. "After breaking ground on factories in Berlin and Austin, launching Shanghai operations in earnest, and keeping promises of selling [around] 500k cars in 2020 from years past, Tesla is entering the next stage of its evolution," said Baird analyst Ben Kallo, who kept an outperform rating on the electric-car maker. A potential next "major milestone" for Tesla, he said, is the possibility that Chief Executive Officer Elon Musk could group his different busineses, which also include SpaceX, Neuralink and the Boring Company, into one superstructure. While mostly conjecture on their part, Kallo said such a combination would help manage volatility from individual companies and fund new ventures. "This step could be one of the major milestones in Tesla's evolution," he said. Tesla will report quarterly results on Wednesday.