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 (TSLA) 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. Joseph Spak at UBS noted that Tesla stock has surged around 40% since the election,

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