Tesla is still not cheap after 40% plunge, Bernstein says

Despite a sharp sell off  over the past few weeks, Bernstein believes Tesla’s stock is still high as investors are valuing the company beyond its core business of making electric cars.

Tesla shares plummeted nearly 13% in trading on Monday from its previous close of $546.62. The stock has fallen amid the broader sell-off in U.S. markets, with Tesla down more than 40% since hitting a high of $968.99 in February.