JPMorgan analyst Ryan Brinkman raised the firm’s price target on Tesla to $90 from $80 and keeps an Underweight rating on the shares. The stock in early trading is down $4.16 to $645.72. The analyst recommends investors not weight Tesla shares in their portfolio in equal proportion to the S&P 500 Index when the stock is added on December 21. Tesla shares are “in our view and by virtually every conventional metric not only overvalued, but dramatically so,” Brinkman told investors in a research note. Tesla trades at 1,325 times last-twelve-months price-to-earnings and at 291 times 2020 estimates and 175 times next-twelve-months earnings estimates, the analyst points out. Brinkman says Tesla shares are up 808% since December 2018 while consensus earnings estimates are lower.