Fortune

You know a company’s stockis floating toward bubble territory when even its biggest shareholder implies that it’s overvalued. Last September, as shares of electric-car company Tesla Motors [fortune-stock symbol=”TSLA”] were peaking at $286, Tesla CEO and co-founder Elon Musk told CNBC that “people sometimes get carried away with our stock … Our stock price is kind of high right now.” Since then the markets have made Musk both prophetic and considerably poorer: Tesla’s stock is down by about a third, hurt by delays in the launch of its Model X SUV and by the fast-falling price of oil, which has raised doubts about demand for electric vehicles.

Even after this steep slide, Tesla recently traded at a lofty 232 times expected 2015 earnings, making it 11 times as expensive as the average Nasdaq stock. Yet that stratospheric price looks, to some investing pros, like a screaming buy, and many have…

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