(Updated - July 21, 2020 4:34 AM EDT)

(updating comment)

JMP Securities analyst Joseph Osha downgraded Tesla (NASDAQ: TSLA) from Market Outperform to Market Perform, saying the intermediate-term success that the company might discuss during its earnings call tomorrow is now fairly reflected in the stock price.

The analyst comments "We are downgrading our investment rating for TSLA from Market Outperform to Market Perform. The company’s valuation now slightly exceeds the $1,500 price target that we established recently, and we believe that any intermediate-term success that TSLA might discuss during its earnings call tomorrow is now fairly reflected in the stock price. We continue to believe that TSLA can become a $100 billion car company by 2025, but we cannot arrive at a reasonable basis for arguing that the stock should be valued above current levels, even considering our fundamental outlook."

For an analyst ratings summary and ratings history on Tesla click here. For more ratings news on Tesla click here.

Shares of Tesla closed at $1643.00 yesterday.