Daiwa analyst Jairam Nathan downgraded Tesla to Neutral from Outperform with a price target of $1,650, up from $1,500. The stock closed Thursday down $79.26 to $1,513.07. The analyst sees a balanced risk/reward scenario going forward. Positive catalysts such as continued visibility towards strong volume growth and Battery Day in September are largely reflected in current valuations, Nathan tells investors in a research note. At the same time, the analyst sees the possibility of near-term disappointment in margins as Tesla executes on its capacity and product expansion strategy. Nonetheless, he remains positive on Tesla’s ability to sustain its technology and cost lead for the next several years.