Analyst ratings, especially from reputable firms like Baird, can significantly influence investor perception and stock price. An Outperform rating suggests that Baird expects Longboard Pharmaceuticals to perform better than the market or its sector, potentially leading to increased investor interest and a rise in stock price in the short term. The announcement of a price target of $36, which is presumably higher than the current trading price, further underscores the positive outlook and could lead to bullish sentiment among investors.