Bernstein analyst Toni Sacconaghi downgraded Tesla to Underperform from Market Perform with an unchanged price target of $900. The stock closed Monday up $122.60 to $1,539.60. The downgrade reflects a “valuation call.” Despite a “relatively bullish stance” on electric vehicles and structural advantages he believes Tesla may hold, Sacconaghi finds it difficult to justify the company’s current valuation even under his “most bullish/imaginative scenarios.” Tesla’s current valuation is “mind-boggling,” as its enterprise value is now matched Toyota and Volkswagen combined, says the analyst. Tesla now even looks expensive relative to large cap growth technology companies, contends Sacconaghi.