Wells Fargo sees little upside for Tesla shares with stock pricing in big expectations

Tesla CEO Elon Musk speaks at a delivery ceremony for Tesla China-made Model 3 in Shanghai, east China, Jan. 7, 2020.
Ding Ting | Xinhua News Agency | Getty Images

Tesla's stock still looks pricey even after a recent pullback, and long-term concerns could limit its upside, according to Wells Fargo.

Shares of the electric vehicle company have dropped more than 21% over the past three months. Analyst Colin Langan initiated coverage of the stock on Monday with an equal weight rating, saying in a note to clients that the company had near-term surprise potential but there were still long-term questions.

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