In addition to raising his price target on Tesla (NASDAQ: TSLA) to $728 ahead of Q4 results on Wednesday, Baird analyst Ben Kallo speculates that CEO Elon Musk could pull off a Steve Jobs-line "one more thing" by proposing to combine his business interests including Tesla, SpaceX, Neuralink, and the Boring Company into one superstructure/holding company.

Kallo said several data points leave us believing such a structure is inevitable including:

1) a recent trail of breadcrumbs that suggest such a desire (see here, here and here),

2) his expressions of interest in such an idea several times in the more distant past, and

3) other such publicly traded examples, including Alphabet/Google

"A potential combination would help Elon supervise operations more efficiently, manage volatility from individual operations, and help fund new ventures," the analyst commented. "This step could be one of the next major milestones in Tesla’s evolution."