Tesla Motors Inc. shares dropped further Wednesday following a second downgrade in as many days amid concerns the stock has run ahead of itself.

This week’s pullback has wiped out more than $3 billion of the electric-car maker’s market capitalization, sending shares to their lowest close since June 16. The last two sessions were the worst two-day stretch for Tesla TSLA, +1.63% shares since Oct. 13.

Moreover, the week so far is Tesla’s worst since early December, and earlier the stock hit its lowest intraday since June 17. That has prompted some analysts to urge investors to buy Tesla on the dip.

Late Tuesday, analysts at Pacific Crest Securities lowered their rating on Tesla stock to their equivalent of hold from buy, saying while Tesla’s remains “one of the most innovative” stories in the car industry, its stock valuation was getting “full.”

“Sentiment (about Tesla) has reversed dramatically since six months ago. Now there is less concern about low oil prices, less fear about competition, less skepticism around opportunities in China and less worry about demand,” they said. “We simply believe the stock price now more fully reflects these core attributes.”

Pacific Crest joined Deutsche Bank in downgrading Tesla to hold on valuation concerns.

On Tuesday, when Tesla shares had their biggest intraday percentage drop since February, Deutsche Bank analysts raised their share price target to $280 from $245, but cautioned “there is insufficient risk/reward to maintain a Buy,” and thus their downgrade to hold.

Tesla shares hit a 10-month high last week on the heels of record second-quarter sales and a hefty price-target increase from analysts at Bank of America Merrill Lynch to $180 from $65.

The B. of A. analysts, however, kept their underperform rating on Tesla, also arguing the company’s shares were overvalued.

Tesla shared have gained 23% in the past three months, compared with a 1.7% loss for the S&P 500 Index SPX, -1.15% . So far this year, Tesla shares have gained 15%, versus a 0.6% loss for the S&P.

The recent decline, however, presents investors with a buying window, analysts at Baird said in a note to clients Wednesday.

The recent downgrades do not fully value the launch later this year of the Model X, Tesla’s upcoming SUV. They also don’t take into account the Model 3, Tesla’s planned foray into the mass-market, or other catalysts for the company going forward, they said. Pulling back now would be the wrong time to sell, the analysts said.