Tesla shares fell 2.20% to trade around $444.97 after Morgan Stanley analyst Andrew Percoco downgraded the stock from Overweight to Equal-Weight, citing valuation concerns following a strong multi-week rally. * The downgrade came despite Percoco raising the price target slightly from $410 to $425. * The analyst justified the rating cut by noting that the recent gains meant the positive outlook was "all in the price," as the stock was trading approximately 7% above his revised target. * Percoco continues to highlight Full Self-Driving (FSD) as a potential "game-changer," though his base case incorporates lower volume forecasts.