Tesla stock will fall another 33% because it's still expensive and lacks upside catalysts, Bernstein says

• Bernstein has cut its stock-price target on Tesla to $120, down from $150.

• That implies 33% downside from where the stock is trading on Wednesday.

• The firm says Tesla is trading too expensive relative to automaker peers, and also has minimal upside catalysts in sight.

Little can justify Tesla's high stock price, as its margins are on par with lower-valued competing automakers, Bernstein wrote on Tuesday.

What's more, the electric vehicle firm offers no obvious catalysts to spark growth down the road, analysts said, cutting their price target on Tesla to $120 a share, from $150. That implies a 33% drop from where the stock traded on Wednesday.

"Tesla's stock price remains high on almost every valuation metric compared to both traditional and higher-growth auto OEMs, and also looks expensive relative to its reduced growth expectations when measured against tech comps," analysts led by Toni Sacconaghi wrote.

Already, the EV-maker has slumped aggressively year-to-date, with missed fourth-quarter earnings spurring on the rout. The stock has shed around 30% since the year's start.

But despite its underperformance, Tesla still holds a massive premium against other auto firms, with a valuation that is six-fold higher than other manufacturers. That's because Tesla historically held a much higher growth rate, but that's less the case today, Bernstein said: