Baird analyst Ben Kallo downgraded Tesla to Neutral from Outperform despite raising his price target for the shares to $525 from $355. The stock closed Wednesday up $23.08 to $492.14. Tesla’s risk/reward is more balanced following the recent stock appreciation, Kallo tells investors in a research note titled “Downgrading from Plaid Mode.” Expectations appear to be “fairly calibrated” with the positive estimate revision cycle is in its latter stages, contends the analyst. That said, Kallo would not short the stock and remains “positively biased over the long run.” The analyst simply recommends taking profits at current share levels.