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 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.

BofA Securities analyst John Murphy downgraded Tesla to Hold from Buy, citing that much of Tesla’s growth potential, including its proposed robotaxi service, is already factored into its valuation.

Tesla (TSLA) stock is retreating 4% today after the federal government announced a new probe of the firm. Additionally, Bank of America downgraded the shares to Neutral from Buy today.

BofA Securities analyst John Murphy downgraded shares of electric-vehicle maker Tesla to Hold, but his new target price implies about 17% upside.