$TSLA "CFRA believes Tesla is “fully valued” after its run-up, noting that the stock bottomed at about $177 a share only seven months ago. “We see the recent China factory start-up weighing on Automotive gross margins in [the first half of] 2020 and U.S. sales being negatively impacted by the recent phase-out of its federal EV tax credit, rising competition and seasonality ... We also see heightened risk of equity issuance, which would help de-risk the balance sheet but be dilutive to EPS.”"