Tesla stock takes a hit following Goldman Sachs downgrade.

Goldman Sachs downgraded Tesla stock to "Neutral" due to its high valuation after its 105% year-to-date surge. The bank highlighted positive catalysts for the EV maker, including its recent opening of its charging network to competing auto companies and the potential launch of an affordable EV priced closer to $20,000. However, recent car price reductions from Tesla are likely to continue to have a negative impact on Tesla's profit margins and should hold down the stock for now. Goldman could turn more bullish on Tesla stock if the company ramps up the production of its third generation vehicle platform or makes faster progress with its full-self-driving and artificial intelligence products.