Tesla’s massive run is likely over for now, according to Goldman Sachs. The bank has downgraded the electric carmaker to neutral since the purchase on Sunday. Goldman raised its price target to $248 from $185, but the new forecast still represents a 3.4% decline from Friday’s close. “While the main reason for the change in our view is that we believe the market is now giving the title more credit for its longer-term opportunities, we are also aware of the difficult pricing environment for new vehicles. which we believe will continue to weigh on Tesla’s non-GAAP automotive gross margin this year,” analyst Mark Delaney said in a note. Tesla shares have exploded this year. The stock has more than doubled in 2023, and it’s up 25% this month alone. Delaney attributed Tesla’s recent increase to strong monthly sales, fewer vehicle markdowns, inflation-reduction credits hitting the rear-drive Model 3, and news that companies such as Ford and Rivian will use the company’s charging network. Delaney added that Tesla stock will remain strong as the overall electric vehicle market continues to grow. “It is important to note that we remain positive about the adoption of electric vehicles, and we continue to see the most significant investment opportunities among our broader set of suppliers, especially those with higher content for enable the shift to electric vehicles and electrification,” he said. Goldman now joins other major Wall Street stores, including Morgan Stanley and Barclays, in downgrading Tesla shares over the past week. Tesla mountain TSLA YTD stock has soared more than 108% this year. – CNBC’s Michael Bloom contributed to this report.