From Wall St. Cheat Sheet:
Tesla Motors (NASDAQ:TSLA): Bank of America Merrill Lynch notes that Tesla’s institutional ownership has fallen to about 66 percent currently from 84 percent in January. The analyst says that retail investors have had an increasing hand in driving shares higher and will be at risk of a correction. The firm says that the Gen 3 vehicle would have to be one of the best-selling vehicles in the world to drive 2020 volumes implied by the current share. The analyst continues to see substantial downside risk and reiterates its Underperform rating and $45 price target.