Bernstein analyst Toni Sacconaghi reiterated an Underperform rating and $180.00 price target on Tesla (NASDAQ: TSLA) noting that after the 5:1 split, shares have appreciated another 30% with the enterprise value now surpassing Toyota + Volkswagen. The two combined make 20M cars combined to Tesla's 500k.

The analyst stated "We struggle to translate our positive views on Tesla as a business into an *expected* value that is north of ~$900/share (now $180/share post-split). Tesla now even looks expensive vs. large cap growth tech. To get upside from current valuation, Tesla would likely have to achieve 15%+ operating margins at 10M+ cars. We note that there is a fundamental tradeoff between automotive volume and margin; for example, Toyota makes 10M cars at 9% margin and Porsche makes 300k cars at 17% margin".

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Shares of Tesla closed at $376.59 yesterday.