Tesla (TSLA) is in the spotlight this morning following reports that the EV maker’s board is now in search of a possible replacement for Elon Musk. 

According to the Wall Street Journal, the automaker has already approached multiple executive search firms in pursuit of finding its next chief executive. 

TSLA shares are still in the green at writing since Robyn Denholm, the company’s chairwoman, has already said that all such reports are “absolutely false.”  

Tesla Is Seeing Weakness in Its Core Auto Business

While the EV maker has already refuted reports that it’s actively searching for a new CEO, the story suggests “perhaps no other company has as large a key man risk” as Tesla, said Joseph Spak – a UBS analyst in his research note today. 

Spak acknowledged the ongoing weakness in TSLA’s core automotive business in his report, but argued the “bull case narrative is that Tesla is an artificial intelligence company.”

Note that billionaire Elon Musk himself has hinted on numerous occasions that Tesla’s valuation is indeed tied to its AI ventures, including autonomous vehicles and humanoid robots. 

That said, weakness in the auto segment has resulted in over 30% year-to-date decline in Tesla stock. 

UBS Warns of Downside in TSLA Shares to $190

UBS analyst Joseph Spak doesn’t seem entirely convinced that Tesla can meaningfully deliver on its promise of transforming into an AI giant, especially in a timely fashion, given he has a “Sell” rating on TSLA at writing. 

And doing so with someone other than Musk in the top role will likely be that much more difficult, he argued, adding “finding a CEO who can captivate the market and investors as much as Musk is a tall task.”

Spak’s $190 price target on the EV stock indicates potential downside of more than 30% from here. 

Wall Street at Large Doesn’t See Any Upside in Tesla

While not as bearish as UBS, other Wall Street shops are not currently bullish on Tesla stock either.

The consensus rating on TSLA shares currently sits at “Hold” only with the mean target of $283, which is roughly in line with the price at which the EV stock is trading already.