NEW YORK (TheStreet) -- Tesla Motors (TSLA) - Get Report shares are down 3.2% Wednesday, and down 9.8% since reporting earnings in early February. 

TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, pointed out on CNBC's "Stop Trading" segment that Tesla has long been what he considers a "cult stock," and he is not surprised that CLSA analysts cut the stock to underperform from outperform and lowered their price target from $275 to $220. Analysts cited near-term headwinds, but remain optimistic on the company over the long haul. 

Tesla is difficult to value, Cramer said, who added that he loves Tesla's car, but not the stock. 

Tesla Motors TSLA data by YCharts

Earnings per share expectations are still high for 2016, but Cramer said he's unsure if Tesla is capable of hitting analysts' current estimates. 

It doesn't help that the company's most recent conference call was "terrible," he added. There was no "rigor" from management and China has been disappointing thus far, Cramer explained. 

Gross margins could fall under pressure in the short term, while capital expenditures are sure to rise. It makes it tough to own the stock until there is some more clarity, Cramer concluded. 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.