Tesla Stock Downgraded by Wells Fargo on Struggling Sales Growth Despite Price Cuts

Shares of Tesla fell as Wells Fargo downgraded the stock, saying Tesla is struggling to grow sales even as it cuts prices.
Wells Fargo cut its rating on Tesla to underweight and lowered its price target to $125 from $200.
Tesla trades at a premium despite likely seeing no sales growth this year and a drop in 2023, per Wells Fargo.
Not all analysts are negative on Tesla - Wedbush's Dan Ives believes sentiment is overly negative.
Morningstar analyst says this year's Tesla sell-off means the stock is trading under fair value.