lost a bull Wednesday evening.
Longtime Tesla (ticker: TSLA) bull and New Street Research analyst Pierre Ferragu downgraded Tesla stock to Hold from Buy. He thinks it’s a good time to take some profits ahead of Tesla’s inclusion into the
Ferragu, however, still believes in the long-term outlook and recommends investors buy Tesla stock on any weakness.
The downgrade appears to be about valuation. Ferragu upgraded shares to Buy on Oct. 7 when Tesla stock was about $425. He also took his price target to $578 which, at the time, was the highest target price on the Street.
Since then, Tesla stock has gained 42%, far better than the 6% and 7% respective gains of the
Dow Jones Industrial Average
and S&P 500 over the same span. His price target is still $578 even though he sees shares