Tesla Stock Price Could Crash 33%, Few Upside Catalysts in Outlook: Bernstein

• Bernstein has cut its stock-price target on Tesla to $120, down from $150.
• That implies 33% downside from where the stock is trading on Wednesday.
• The firm says Tesla is trading too expensive relative to automaker peers, and also has minimal upside catalysts in sight.

Little can justify Tesla’s high stock price, as its margins are on par with lower-valued competing automak