Tesla shares have rallied sharply since the election, though its valuation implies growth far beyond what Wall Street is forecasting, UBS analysts said.

Tesla stock (TSLA) is down Monday following a strong recent run-up as one Wall Street bank says “animal spirits” have pushed the stock beyond any “fundamental change” at the company. Joseph Spak at UBS noted that Tesla stock has surged around 40% since the election,

Analysts led by Joseph Spak wrote that policy changes under the Trump administration wouldn’t be absolute positives for the company.

UBS analysts said the recent Tesla stock run reflects "animal spirits" vs. fundamentals. CEO Elon Musk said FSD v13 will be "coming soon." Tesla China is offering a new Model Y discount.

Tesla’s recent stock surge of approximately 40% since the U.S. election is being driven more by investor sentiment than fundamental changes, according to UBS analysts on Monday. The rally has added over $350 billion in