Wells Fargo downgraded Tesla ($TSLA) from Equal Weight to Underweight with a price target of $125, citing diminishing impact of price cuts on demand. This led to disappointing deliveries, lower lease residuals, and potential loss of luxury brand premium. Tesla shares extended losses, down 2.6%, following the downgrade. NVIDIA ($NVDA) also saw declines after Wells Fargo's downgrade on Tesla, with shares falling 1.2% in early trade and later down 3.3%. UBS also cut Tesla's target price to $165 from $225, expressing concerns about slowing EV demand and competition from China. Both Tesla and NVIDIA faced significant drops in share prices.