barclays downgraded its rating for tesla from a buy to a hold wednesday dousing the redhot electric vehicle stock to its worst day in months in a wednesday note to clients barclays analyst dan levy advised tesla investors to “move to the sidelines” explaining the stock’s 170 rally over the last six months is too rich for his liking tesla’s nearly 300 billion in added market capitalization over the last month came due to surging valuations and not due to a material change in earnings expectations levy continued shares of the firm led by mercurial ceo elon musk slid 3 in early trading to 266 on pace for their largest daily loss since april 26 though they remain close to their highest price since september tesla stock has enjoyed a variety of tailwinds including possible new revenue streams from the widespread adoption of its car chargers and mass optimism about what the artificial intelligence boom may mean for big tech’s top and bottom lines tesla’s “nearterm fundamentals…have at best remained unchanged amid the runup” in its share price levy added setting a 260 price target for the stock implying 53 downside despite noting he remains bullish on the company longterm relative to earnings tesla’s valuation is far higher than it was for most of the last year though it’s far below what it was when it traded above 400 in 2021 its stock price to expected earnings ratio is nearly three times as high as it was at beginning of this year though it’s less than half of what it was a year ago wedbush analyst dan ives believes tesla’s soaring valuation is justified writing to clients last week wall street is finally “tapping into…tesla’s sumoftheparts valuation” factoring in its charging autonomous driving and solar energy businesses what to watch for tesla is expected to report earnings on july 19 consensus estimates project the company to deliver a record number of vehicles during this quarter but profits to slide to their lowest levels since the same period last year according to factset musk regained his title as world’s richest man amid tesla’s recent rally the 51yearold holds a 241 billion fortune according to forbes about 90 billion higher than the next richest american larry ellison musk lost 5 billion wednesday tesla mints near 200 billion rally after ford and gm charger partnerships—here’s how much more the stock could surge forbes