Wall Street analyst Dan Ives, long bullish on Tesla, has soured on the stock. In a note published Sunday, Ives' firm, Wedbush Securities, slashed its 12-month price target for Tesla stock from $550 to $315,

One of Wall Street’s biggest fans of Tesla Inc. and Apple Inc. slashed his price targets for both stocks Sunday in the wake of recent developments.

Ives, who formerly had the highest price target on Wall Street, lowered his expectations on Tesla's stock from $550 per share to $315, which still implies significant upside from current levels, although shares of Tesla are off some 42% this year.