Tesla downgraded to Hold from Buy at Berenberg

Berenberg analyst Adrian Yanoshik downgraded Tesla to Hold from Buy with a price target of $210, up from $200. Tesla’s new plants offer multi-year opportunity in capital and labor efficiency, but “misplaced fears of a price war” appear to have been accepted by the market, the analyst tells investors in a research note. The firm now sees less upside in the shares after the 21% rise since its upgrade. Moving into a smaller vehicle segment would open up a significant volume opportunity for Tesla, but this is likely to take time, Berenberg adds. It says Tesla’s valuation “now leaves less room for disappointment.”