Tesla Inc.’s post-election stock surge has more to do with market exuberance than actual improvement in the fundamentals of its business, UBS Group AG analysts cautioned in a report.

Tesla’s recent stock surge of approximately 40% since the U.S. election is being driven more by investor sentiment than fundamental changes, according to UBS analysts on Monday. The rally has added over $350 billion in

Tesla stock is down Monday following a strong recent run-up, as one Wall Street bank says “animal spirits” have pushed the stock beyond any “fundamental change” at the company.