Shares of electric-car maker (NASDAQ: TSLA) have had a good run this year. But has the stock's valuation gotten ahead of itself? One analyst thinks so.

Financial services company HSBC initiated coverage of the growth stock today with a "reduce" rating, or a rating similar to a sell rating. In a sobering note for Tesla bulls, the analyst's 12-month price target for the stock sits at $146. This would translate to significant downside for the stock from here.

Here's why HSBC's Michael Tyndall is so pessimistic about Tesla shares.

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Source Fool.com