Goldman Sachs and Morgan Stanley downgrade Tesla, saying the stock has gotten ahead of itself

A Tesla Model S is displayed during the London Motor and Tech Show at ExCel on May 16, 2019 in London, England.
John Keeble | Getty Images

(This story is for CNBC PRO subscribers only.)

Shares of Tesla have more than doubled this year, and two major analysts now say the stock has gotten ahead of itself. Morgan Stanley and Goldman Sachs both downgraded the electric vehicle maker on Friday saying the valuation appears stretched, while also pointing to headwinds including competition from Big Tech eyeing the autonomous vehicle industry.

More In Pro News and Analysis

CNBC ProTop investor Paul Meeks says chipmakers are 'gold' – and reveals his ‘must own’ stock
CNBC Pro'Boring is best': Citi says it's a bear market rally and shares how to beat the volatility
CNBC ProSmall cap stocks could be setting up to be the big winners. Here's how to play them