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Bank of America downgrades Tesla, citing too high valuation after stock's recent massive run

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Tesla vehicles stand outside of a Brooklyn showroom and service center on August 27, 2018 in New York City.
Spencer Platt | Getty Images

(This story is for CNBC Pro subscribers only.)

Bank of America downgraded Tesla on Wednesday after the electric car maker's recent rally pushed its valuation too high in the firm's eyes.

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