Barclays warns of Tesla's sharp surge and downgraded stock.

Barclays analyst Dan Levy downgraded Tesla's stock to equal-weight from overweight, citing the recent surge in shares as "too sharp" and "detached from fundamentals." While Tesla has benefited from attention around artificial intelligence and recent deals with rivals to use its Supercharger network, Levy believes the majority of benefits will be long-dated and do little to offset near-term headwinds. He also noted that consensus earnings expectations for 2024 seem too high for Tesla, and the company may have to conduct further price cuts.