Shares of (NASDAQ: TSLA) skidded off the road Wednesday morning, falling as much as 6.1%. As of 2:07 p.m. ET, the stock was still down 4.6%.

The catalyst that sent the electric vehicle (EV) maker lower was a slightly bearish call by a Wall Street analyst, but the devil's in the details.

Barclays (NYSE: BCS) analyst and Wall Street veteran Dan Levy downgraded Tesla stock to equal weight (hold) from overweight (buy) while simultaneously raising his price target to $260 from its previous level at $220, according to The Fly. It's worth noting that the increased price target was the analyst playing catch-up, as the stock closed at $274.45 on Tuesday.

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Source Fool.com