Tesla stock continues to fluctuate following UBS downgrade and market analysis

Tesla's stock continues to decline after UBS downgraded its rating from buy to neutral, stating that the recent strong share performance already reflects the strong demand response and solid execution. UBS analyst Patrick Hummel raised his price target to $270 but believes that upside risk to consensus earnings is limited in the next 12 months due to new product volumes not kicking in until the second half of 2024. Despite the correction, Tesla's stock is still up 110% year to date.