New Street Research analyst Pierre Ferragu downgraded Tesla (NASDAQ: TSLA) from Buy to Neutral while maintaining a price target of $578.00.

• Ferragu said, "near-term upside priced in."
• Despite the downgrade, the firm's thesis is unchanged and they see decads of hypergrowth.
• Further, the long-term valuation remains attractive and they have a 2025 price target of $1,200.
• They see 2021 playing out strong with above consensus deliveries and a strong margin trajectory.
• That said, they simply see no room for near-term valuation upside.

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 $649.88 yesterday.