Tesla Inc.’s post-election stock surge has more to do with market exuberance than actual improvement in the fundamentals of its business, UBS Group AG analysts cautioned in a report.

Tesla stock is down Monday following a strong recent run-up, as one Wall Street bank says “animal spirits” have pushed the stock beyond any “fundamental change” at the company.

Tesla shares have rallied sharply since the election, though its valuation implies growth far beyond what Wall Street is forecasting, UBS analysts said.