Bernstein is maintaining its bearish stance on Tesla even though the electric vehicle company’s valuation looks more reasonable given the recent pullback. Analyst Toni Sacconaghi acknowledged that Tesla’s valuation looks attractive when compared to some high-growth tech stocks on certain metrics and trades at a lower multiple than Ferrari. He also highlighted the stock’s 41% underperformance since the beginning of October and 48% pullback this year as a reason to reevaluate the stock. That said, Sacconaghi views ongoing risks to revisions, especially if the broader macro environment continues to weaken. “Given TSLA’s pullback YTD, we see current risk/reward on the stock as more balanced, though still modestly negative, given Tesla’s elevated absolute valuation, and the increasing risk of downward revisions amid potential demand challenges,” he wrote. “We also worry about the…
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