Rising interest rates and competitive pressure from Chinese electric car manufacturers have been a headwind for 's (NASDAQ: TSLA) growth lately. The stock is down 31% year to date, and Bank of America is the latest Wall Street firm to cut the price target on the shares.

BofA maintained a neutral (hold) rating on the shares, but adjusted the price target from $280 to $220. The new target, which is usually intended as a projection for where the stock might trade in the next 12 months or so, represents 30% upside above the current share price. However, Tesla may need to show improving growth before the stock moves higher.

The long-term opportunity in the growing electric car market is a good reason to consider buying shares, but rising interest rates are becoming a problem for Tesla in 2024. Unless interest rates reverse their upward trend, consumers likely won't have an appetite to finance a new car purchase.

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Source Fool.com