Tesla shares have rallied sharply since the election, though its valuation implies growth far beyond what Wall Street is forecasting, UBS analysts said.

Tesla stock is down Monday following a strong recent run-up, as one Wall Street bank says “animal spirits” have pushed the stock beyond any “fundamental change” at the company.

Tesla’s recent stock surge of approximately 40% since the U.S. election is being driven more by investor sentiment than fundamental changes, according to UBS analysts on Monday. The rally has added over $350 billion in