JMP downgraded Tesla to market perform from outperform JMP downgraded Tesla after the company's mixed earnings report on Wednesday and said the stock was now fairly valued. "We roll our numbers forward, the result being that the 2025 estimates we use to value the stock have risen. At this point, however, even looking at other category-killer technology companies, we cannot justify higher target multiples than 7x revenue and 35x EBITDA, which is where we have been." Wedbush downgraded Toll Brothers to neutral from outperform Wedbush downgraded the home builder mainly on valuation. "Since the beginning of 2021, TOL shares have appreciated by 24% versus a 1% gain for the S & P 500. We believe the robust demand for all types of housing have been a catalyst for the share price as well as the relatively flat environment for mortgage rates despite a move higher in the 10-year Treasury yield."