Goldman Sachs has resumed its coverage of Tesla, slapping the carmaker with a sell rating less than a month after suspending coverage to help CEO Elon Musk explore taking the company private.

In a note to clients Tuesday, analyst David Tamberrino reinstated his August price target of $210 for Tesla — a 30 percent drop from its current price — citing increasing competition in the electric vehicle space.

Tesla shares were down 2.7 percent Tuesday morning, at $293.33.

“With regional mandates and tightening CO2 standards, both traditional and new entrants are expected to launch several EVs in the coming years — with a large crescendo in the early-to-mid 2020s,” Tamberrino wrote.

“We see the medium-to-longer term industry backdrop as challenging for Tesla’s products,” he added.

Musk two weeks ago backed off his intention to take his company private — an idea he initially revealed to the public in a tweet.

“I knew the process of going private would be challenging, but it’s clear that it would be even more time-consuming and distracting than initially anticipated,” Musk said in a blog post two weeks ago.

Musk said he and Tesla’s board agreed Thursday to back off the buyout idea, and admitted that both retail and institutional shareholders expressed misgivings about the electric car company going private.

“The sentiment, in a nutshell, was ‘please don’t do this,’” Musk wrote.