Tesla Stock: Why 1 Bull Is Changing His Tone
New Street Research analyst Pierre Ferragu has been one of the more bullish analysts on Tesla (NASDAQ: TSLA) for a while now. Given the stock's approximately 800% run-up over the past 12 months, investors who have followed his recommendations to buy the electric-car maker's shares are likely very happy with their results.
But the Tesla bull is changing his tone on the growth stock. Though he ultimately remains bullish on Tesla over the long haul, he told investors this week that the valuation is becoming stretched. To this end, he pulled his buy rating on the stock, downgrading it to hold.
Here's a closer look at what's behind Ferragu's moderated view for the stock.
Source Fool.com
