Tesla Downgraded

Bernstein analyst Tony Sacconaghi says Tesla shares are far too expensive to recommend after more than tripling in 2020.<br />The firm lowered its Tesla stock rating to "underperform" from "market perform" on Tuesday.<br />It maintained a $900 price target, implying that shares will tumble 42% over the next year.<br />Tesla recently beat earnings and crept closer to inclusion in the S&P 500.<br />Sacconaghi said its valuation "is mind-boggling," the analyst wrote.<br />Teslas' risks include slowed profit growth, a delayed product pipeline, and market rotation to value stocks stand to drag prices lower, he added.