Tesla Motors Inc. fell for a second straight day after another analyst downgraded the stock, saying the “bar looks high” for the electric-car maker in this year’s final six months.

The shares’ valuation has climbed to match the company’s strengths in automaking and battery technology, Brad Erickson, a Pacific Crest Securities analyst, said in a report dated July 7. He lowered the rating to sector weight from overweight. The stock’s fair value based on the firm’s 2020 earnings estimate is $293, he said.

“Tesla remains one of the most innovative stories in all of automotive,” Erickson said. “Upside potential remains, as evidenced by our fair-value estimate, but recent appreciation has created a more balanced risk/reward profile.”

The shares dropped 4 percent to $257.20 at 12:07 p.m. in New York. On Tuesday, they slid 4.2 percent, the most since February, after Deutsche Bank analyst Rod Lache cut Tesla’s rating to hold from buy, saying the price already reflected most of the Palo Alto, California-based company’s growth prospects. The stock gained 20 percent this year through Tuesday.

Analyst recommendations for Tesla include 11 buys, eight holds and four sells, with an average 12-month price target of $291, according to data compiled by Bloomberg.

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