Wells Fargo downgrades Tesla, sees electric vehicle stock dropping nearly 30% from here

Wells Fargo is throwing in the towel on Tesla as headwinds for the Elon Musk-led company mount.

Analyst Colin Langan downgraded the electric vehicle maker to underweight from equal weight. He also cut his price target to $125 from $200. The new forecast implies downside of 29.5% from Tuesday's close. "We see downside risk to volume as price cuts are having a diminishing impact. We see headwinds from disappointing deliveries & more price cuts, which likely drive negative EPS revisions," Langan wrote.

mountain TSLA year to date Wells Fargo's Langan also laid out his bear case on Tesla, which would take the stock all the way down to $44 per share. That target implies downside of 75% over the next 12 months.

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