Tesla's stock price has tumbled sharply from its latest peak but some analysts don't see cause for concern.Despite the carmaker's 15% dip from its peak, some still see see double-digit gains for the stock ahead.

BofA Securities analyst John Murphy downgraded shares of electric-vehicle maker Tesla to Hold, but his new target price implies about 17% upside.

Tesla bounced back on Friday, closing up 8.2% on the day. As a reminder, a bull put spread is a defined risk strategy, so you always know the worst-case scenario in advance. This type of trade will profit if Tesla stock trades sideways or higher.