** Shares of Elon Musk-led automaker Tesla TSLA.O fall nearly 1.4% to $395.05 premarket

** Jefferies raises PT to $375 from $350, which represents a 6.4% downside to the stock's last close on Friday; maintains "hold" rating on the stock

** Jefferies says Tesla shares haven’t fallen around the SpaceX IPO news, as investors expect a merger soon. This could turn Tesla into a “tracker” stock, with shareholders aiming to limit dilution of their stake

** "Tesla to track SpaceX? - The convergence of business plans and Elon Musk's desire to maintain control continues to argue for merging SpaceX and Tesla, and rather soon to avoid delays in projects like Terafab"- Jefferies

** Average rating of 54 analysts is "Hold", with a median PT of $415 - data compiled by LSEG

** Up to the last day's close, the stock had fallen ~11% YTD