Tesla's stock downgraded twice in two days as analysts turn cautious.

Morgan Stanley analyst Adam Jonas downgraded his rating on Tesla stock to hold from buy, citing valuation concerns and increased competition in the EV market. Despite increasing his price target on the stock to $250, Jonas expects material negative revisions for Tesla consensus earnings forecasts and a long-term trend of price downs/ATP declines at Tesla. Tesla shares have rallied 111% YTD, but Jonas believes the company will continue to lower its vehicle prices amid intensifying competition with Chinese EV players and a slowing auto consumer.