Tesla’s stock has fallen nearly 49%, slashing its market capitalization from $1.54 trillion to around $777 billion. In response, JPMorgan has lowered its price target for Tesla shares by 41%, cutting it from $230.

Tesla is worth around half of what it was three months ago, but it is still no bargain. As of Wednesday’s close, Tesla’s stock was trading at 89 times this year’s projected earnings. That's more than