Goldman Sachs has downgraded Tesla's stock to a “hold” rating, reflecting concerns about the EV maker’s valuation. Other brokerages such as Morgan Stanley and Barclays have also lowered their ratings while increasing their price targets. Tesla's market cap of $813.29bn is much higher than its closest rival, Toyota. One reason attributed to the rally is interest around AI, while the stock has also gained from several pieces of good news, including charging deals struck by rivals. However, concerns over increased competition in China and the pressure to cut prices continue to weigh on Tesla's earnings.