Tesla downgraded by Canaccord amid stock's monster run; shares fall in premarket

Elon Musk, co-founder and chief executive officer of Tesla Motors Inc., speaks during an interview at the company's assembly plant in Fremont, California, U.S., on Wednesday, July 10, 2013.
Bloomberg | Bloomberg | Getty Images

(This story is for CNBC PRO subscribers only.)

Canaccord downgraded shares of Tesla, which have doubled this year, and said investors should wait for a better opportunity to buy after the hot stock's "electrifying" run.

Tesla shares fell more than 18% in midday trading.

More In Pro News and Analysis

CNBC ProThese companies reporting earnings next week usually beat expectations and see their stocks rise
CNBC ProYields are driving the market action. Here's what chart analysts are watching before making a move
CNBC ProTop investor and author Charles Ellis talks meme stocks, crypto and how anyone can beat the market