Tesla moved lower in early Tuesday trading after a top Wall Street analyst issued a bullish note on the electric-vehicle group's near-term prospects but added a dash of caution tied to the risks it faces in achieving its broader ambitions.

Tesla stock has hit a rough patch in recent weeks, but top analysts still see big gains ahead for the EV maker's stock this year.

BofA Securities analyst John Murphy downgraded shares of electric-vehicle maker Tesla to Hold, but his new target price implies about 17% upside.

President-elect Donald Trump's proposed tariff policy has raised investor concerns about its potential impact on industries, including electric vehicles (EVs), particularly for companies like Tesla (TSLA).