UBS downgraded Tesla to neutral, from buy, but increased its price target to $270, from $220. Tesla remains the undisputed leader in EV technology, cost and scale, with its unparalleled software capabilities. For the next year, however, we believe that the upside risk for consensus earnings is limited, as significant volumes of new product (first Cybertruck and then the affordable model), will not kick in until H2/24. This, along with an initial margin-dilutive effect, may limit the potential for growth. Tesla shares are up more than twofold this year. They ended Friday at $260.02.