Tesla’s stock is way overblown and only worth $150, analyst says

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Even though Tesla (NASDAQ: TSLA) is a “minor player” in the industry, one analyst says, its stock is so overvalued at $700 per share that its $660 billion valuation is almost equivalent to the combined valuation of the entire U.S. and European automotive markets. 

According to Roth Capital analyst Craig Irwin, the market has lost sight of fundamentals when it comes to the electric vehicle (EV) maker. Although it is doing well and is a market leader, “People are just assuming that Tesla has no competition when they put this kind of lofty valuation on the company,” Irwin said yesterday on CNBC’s Squawk Box.

He believes the…