Tesla shares could be limited going forward, according to Evercore ISI. Analyst Chris McNally cut his price target on the electric car maker to $200 per share from $300, noting that the stock has now fallen below a key threshold. He also maintained his in line rating on Tesla. “The $150-163 technical level was seen as a critical battleline to defend beyond further weakness…and failed,” McNally wrote in a note Tuesday, a day after Tesla shares closed at $149.87. “Technicals are essentially emotional stock entry points and we’re now at a spot that if you bought TSLA, 2 years ago, you have lost money.” “Once the $150-163 threshold was crossed (~20x ’25 PE), investors will rapidly begin to test true ‘valuation troughs’ assumptions which we believe may put ~$100 in play,” he said. Tesla shares have gotten pummeled this month, losing 23% as investors grow concerned over CEO Elon Musk’s involvement in Twitter, which he owns, and how that could hurt the electric car maker. On Sunday, Musk tweeted a poll asking if he should step aside as Twitter’s chief. Most participants voted yes, and Tesla’s stock briefly popped Monday . Tesla has also been pressured by worries over its China operation. Reuters reported earlier this month, citing sources , that Tesla planned to cut December output of its Model Y car by more than 20% at its Shanghai plant. “China stalled growth remains, but with global backlog winding down, investors are also revisiting demand assumptions for the first time. Remember, TSLA has ~60% share US but < 10% share EU/China, while BYD grows to 4x TSLA’s NEV size in China,” McNally said. The analyst’s new price target still implies upside of 33.4% over the next 12 months. — CNBC’s Michael Bloom contributed reporting.