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** Shares of Tesla Inc down 1.1% at $219.66 premarket as HSBC initiates coverage of EV maker with a "reduce" rating

** Brokerage assigns $146 PT, implying 34% downside to stock's last close

** HSBC says Tesla more than just an auto firm with many concept-stage ideas, including robots, autonomous vehicles, energy storage and supercomputers

** HSBC says sees potential in Tesla’s prospects, though the timeline of delivery and commercialization of those ideas likely to be longer than the market and stock's valuation is reflecting

** Having a "charismatic and convincing CEO is undoubtedly an asset,", HSBC says, but thinks Elon Musk's prominence presents a "considerable 'singleman' risk"

** Now, 18 of 47 analysts rate TSLA "buy" or "strong buy", 21 rate "hold", while 8 have "sell" or "strong sell" recommendations, per LSEG data

** Median PT of $250 down from $265 a month ago

** In co news, Tesla to recall 159 Model S and Model X vehicles due to potential driver air bag deployment issues, according to notice by National Highway Traffic Safety Administration (NHTSA) on Thurs

** Through Weds close, TSLA shares up 80% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))