Big Tesla bull downgrades stock, says there's no 'reasonable basis' for more gains right now

SpaceX founder and Tesla CEO Elon Musk.
Joe Skipper | Reuters

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One of Tesla's biggest bulls on Wall Street downgraded the equity and warned clients that — at least for right now — there isn't a compelling reason the stock should continue its eye-popping rally.

Though his forecast for Tesla's stock exceeded any other earlier this year, JMP Securities analyst Joseph Osha wrote Tuesday that it's now more difficult to say the stock has significant upside left in the near term.

As such, he decided to downgrade the equity to market perform from market outperform.