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

Published Wed, Feb 5 20206:35 AM ESTUpdated Wed, Feb 5 20201:35 PM EST

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.

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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.