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.

– CNBC