Wells Fargo just raised its price target on Tesla stock (NASDAQ: TSLA), yet told clients to keep selling. The bank now values the shares at $130, still far below the roughly $396 where they trade.

The takeaway is simple. Even with the higher target, that $130 call still points to a roughly 67% drop, because the price already banks on a future the business has not delivered yet.

A Higher Tesla Stock Target That Still Says Sell

Analyst Colin Langan lifted his target to $130 from $125 on July 14, while still keeping an Underweight rating, which is Wells Fargo’s version of a sell. From near $396, that $130 target points to about 67% downside. In plain terms, he still expects the stock to fall, just not quite as far as before.

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