Calling the recent decline by Tesla (TSLA) stock “overdue,” Nixon Peabody analyst Daniel Kern said on Schwab TV today that the shares have an “‘I want to believe’ kind of valuation.” He indicated that he is not yet bullish on the shares.

Tesla Inc. closed $93.60 below its 52-week high ($488.54), which the company reached on December 18th.

Despite Tesla publishing a weak deliveries report in early January, TSLA continues trading in the green and analyst keep rating it as 'buy.'

Tesla stock has hit a rough patch in recent weeks, but top analysts still see big gains ahead for the EV maker's stock this year.

The stock's fall snapped a two-day winning streak.

Tesla stock was falling in premarket trading Wednesday after dropping in the previous session after the National Highway Traffic Safety Administration launched an investigation into a new feature on its vehicles.

Tesla stock slipped on Tuesday after Bank of America said it sees shares fairly priced, with some risk to the downside.